Arizona Residents Love Their Weed: Cannabis Sales Reach $1.4B In 2021

By Nina Zdinjak

The Grand Canyon Point out established a different marijuana revenue record as residents invested much more than $1.4 billion on hashish throughout the initial year after voters accepted leisure cannabis in November 2020 when approximately 60% of voters mentioned “yes” to Prop 207, dubbed Smart & Safe and sound.

Data from the Arizona Division of Revenue showed that the adult-use industry has pulled in almost $650 million, even though income only started on Jan. 22, 2021, reported Arizona Mirror. Medical marijuana, which has been up and working for some 10 yrs, brought in $752 million in 2021.

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Curiously, in December grownup-use profits surpassed medical cannabis for the 2nd time, bringing in nearly $67.2 million, compared to $53.5 million, respectively. Moreover, December profits established a record for the third in a row, exceeding November gross sales of $64 million.

When adult-use hashish profits began previous January, they produced $11.4 million in about 10 times. At the time, Harvest Health, which has given that been acquired by Trulieve Cannabis Corp., was the only dispensary all set for profits expected to get started in March. Other marijuana stores did not squander any time jumping in and increasing their business enterprise to professional medical cannabis.

With Arizona collecting a 16% excise tax on leisure profits in addition to the conventional gross sales tax, hashish sales furnished a notable tax contribution last calendar year.

At the end of 2021, grownup-use marijuana revenue brought in a lot more than $104.1 million in excise taxes, and tax income amounted to $113.5 million. Counting in healthcare cannabis revenue taxes, cannabis sales in the condition accumulatively contributed nearly $218 million to condition cash.

This short article at first appeared on Benzinga and has been reposted with authorization.