Arkansas Surpasses $1 Million In Tax Revenue For Medical Cannabis
The state of Arkansas surpassed the $1 million mark this week in taxes brought in by medical marijuana.
More than $10 million in medical marijuana has been sold in Arkansas as of Sept. 19.
About 1,400 pounds have been sold as of Sept. 19, putting more than $1 million in tax revenue for the state.
According to the Arkansas Department of Finance and Administration, the state sales tax rate of 6.5% applies to every purchase of medical marijuana along with a 4% privilege tax making the overall state rate 10.5%, a DFA spokesperson explained.
The portion generated from the 4% privilege tax is directed to the establishment of the National Cancer Institute at the University of Arkansas for Medical Sciences, while the general revenue from the 6.5% state sales tax will be distributed to several state agencies for a variety of purposes.
The Arkansas Department of Health has issued more than 23,000 patient cards as of Friday.
The dispensary with the highest level of sales was Green Springs Medical in Hot Springs, with a total of 489.60 pounds of medical marijuana sold since it first opened May 12. The latest dispensary to open is Acanza in Fayetteville, which opened Sept. 14. Acanza has sold a total of 15.89 pounds of medical marijuana since then.