Medical marijuana sales tax receipts surpass $30 million, overall sales will soon hit $300 million [View all]
Collections from Arkansas state taxes on medical marijuana purchases recently surpassed $30 million.
According to the latest report from the Arkansas Department of Finance and Administration, the 6.5% state sales tax and 4% privilege tax established by the legislature have netted about $31,663,022 as of March 31, 2021.
Medical marijuana sales began in June 2019. While the 6.5% tax does not apply when a cultivator sells to a dispensary, the 4% does apply to those sales. Department of Finance and Administration spokesman Scott Hardin said the sales tax numbers have "exceeded expectations." Overall sales will soon surpass $300 million, he added.
Fort Cannabis Co., the only medical marijuana dispensary currently in Fort Smith, began operations in mid-December 2019. The next closest dispensaries are in Arkansas are located in northwest Arkansas and Clarksville. Others are located closer in Oklahoma.
Read more: https://www.swtimes.com/story/news/2021/04/30/arkansas-medical-marijuana-sales-tax-receipts-surpass-30-million-mark/7400493002/
(Fort Smith Times Record)
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