Arizona’s recreational cannabis market is starting to pay off

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The state’s recreational cannabis market earned $21 million in July

Arizona state officials recently reported through a new website where you can see the progress of the marijuana industry that tax revenues generated by both medical and adult-use marijuana reached approximately $21 million last month. There is no doubt that the legalization of this industry in the Grand Canyon State has been one of the decisions that has begun to pay off over time.

According to data shared by the Arizona Department of Revenue, the recreational market was able to collect a total of $4,445,848. However, it was slightly surpassed by the medical cannabis taxes collected last month, reaching a figure of $5,485,102. In addition to the taxes from both markets, there is also the marijuana excise tax, contributing the largest amount with $10,937,526. However, it is very possible that the $21 million reported so far is only a preliminary figure since the deadline for reporting was six days ago. It’s possible that some companies require more time to send their respective reports.

Based on the latest reports, it can be noted that the taxes collected through medical cannabis have been higher than those of the adult-use market, the gap has been gradually narrowing. This trend has been especially noticeable in the months since recreational sales were first launched earlier this year. The same has happened in the different states that decided to make way for the legalization of marijuana for adults.

In Arizona, many experts believe it will be a long time before medical marijuana falls short of recreational sales. “With the maturity of our medical market, I don’t expect adult-use sales to eclipse medical sales as quickly as they did in Illinois,” said Samuel Richard, executive director of the Arizona Dispensary Association. “But what is clear is that both patients and consumers are extremely excited about what Arizona operators are offering.”

In any case, it has become clear that tax revenues have grown exponentially since the state allowed recreational use, suggesting that this market has the potential to contribute enormously to any state that decides to approve it.