Through Jim Small, Arizona Reflect
Arizona’s leisure marijuana marketplace confirmed indicators of stabilization in October, with dispensaries promoting $75.3 million in adult-use hashish merchandise, up from September’s $67.3 million, consistent with the newest knowledge from the Arizona Division of Earnings.
The scientific marijuana sector endured its long-term decline, with October gross sales falling to $16.9 million, marking one of the crucial lowest per month totals since Arizona citizens authorized leisure gross sales in 2020.
The most recent earnings record additionally integrated considerable upward revisions to earlier months’ knowledge. September’s leisure gross sales had been adjusted to $74.9 million, an build up of $7.6 million from preliminary estimates. And March gross sales had been revised up via $3.1 million to $92.5 million, setting up a brand new height for per month leisure gross sales in 2024.
Thru October, Arizona’s marijuana marketplace has generated greater than $1 billion in overall gross sales for 2024, with leisure dispensaries recording roughly $808 million and scientific dispensaries logging $204 million. On the other hand, the present gross sales tempo suggests the marketplace will fall considerably in need of 2023’s overall gross sales of $1.4 billion.
Even with the projected decline in general gross sales, the transferring stability between scientific and leisure gross sales has speeded up in 2024. Whilst scientific marijuana represented 21.5% of overall gross sales in January, that percentage dropped to 17.5% via September. This continues a metamorphosis that started when leisure gross sales introduced in 2021, when scientific marijuana — felony in Arizona since 2010 — to begin with ruled the marketplace. Now, leisure gross sales constantly outpace scientific gross sales via a more or less 4-to-1 margin.
Overall marijuana tax collections reached $222.1 million via October, together with $68.5 million from leisure gross sales and $136.6 million in excise taxes. Scientific marijuana generated an extra $17 million in tax earnings. Those figures constitute a decline from each 2023 and 2022, when robust gross sales and a powerful scientific marketplace drove upper tax collections.
The state collects a 16% excise tax on leisure gross sales along with the usual gross sales tax, whilst scientific sufferers pay more or less 6% in state gross sales tax. Native jurisdictions upload roughly 2% for all marijuana gross sales.
Tax earnings helps quite a lot of state techniques, with excise tax budget dispensed amongst group schools (33%), public protection (31%), freeway tasks (25%), and social products and services techniques (10%) aimed toward communities disproportionately impacted via marijuana criminalization.
The earnings division notes that fresh months’ knowledge could also be revised as further tax returns are processed, as demonstrated via the numerous changes to prior to now reported figures within the November record.
Through Jim Small, Arizona Reflect
Arizona’s leisure marijuana marketplace confirmed indicators of stabilization in October, with dispensaries promoting $75.3 million in adult-use hashish merchandise, up from September’s $67.3 million, consistent with the newest knowledge from the Arizona Division of Earnings.
The scientific marijuana sector endured its long-term decline, with October gross sales falling to $16.9 million, marking one of the crucial lowest per month totals since Arizona citizens authorized leisure gross sales in 2020.
The most recent earnings record additionally integrated considerable upward revisions to earlier months’ knowledge. September’s leisure gross sales had been adjusted to $74.9 million, an build up of $7.6 million from preliminary estimates. And March gross sales had been revised up via $3.1 million to $92.5 million, setting up a brand new height for per month leisure gross sales in 2024.
Thru October, Arizona’s marijuana marketplace has generated greater than $1 billion in overall gross sales for 2024, with leisure dispensaries recording roughly $808 million and scientific dispensaries logging $204 million. On the other hand, the present gross sales tempo suggests the marketplace will fall considerably in need of 2023’s overall gross sales of $1.4 billion.
Even with the projected decline in general gross sales, the transferring stability between scientific and leisure gross sales has speeded up in 2024. Whilst scientific marijuana represented 21.5% of overall gross sales in January, that percentage dropped to 17.5% via September. This continues a metamorphosis that started when leisure gross sales introduced in 2021, when scientific marijuana — felony in Arizona since 2010 — to begin with ruled the marketplace. Now, leisure gross sales constantly outpace scientific gross sales via a more or less 4-to-1 margin.
Overall marijuana tax collections reached $222.1 million via October, together with $68.5 million from leisure gross sales and $136.6 million in excise taxes. Scientific marijuana generated an extra $17 million in tax earnings. Those figures constitute a decline from each 2023 and 2022, when robust gross sales and a powerful scientific marketplace drove upper tax collections.
The state collects a 16% excise tax on leisure gross sales along with the usual gross sales tax, whilst scientific sufferers pay more or less 6% in state gross sales tax. Native jurisdictions upload roughly 2% for all marijuana gross sales.
Tax earnings helps quite a lot of state techniques, with excise tax budget dispensed amongst group schools (33%), public protection (31%), freeway tasks (25%), and social products and services techniques (10%) aimed toward communities disproportionately impacted via marijuana criminalization.
The earnings division notes that fresh months’ knowledge could also be revised as further tax returns are processed, as demonstrated via the numerous changes to prior to now reported figures within the November record.
