Medical marijuana sales tax receipts surpass $30 million, overall sales will soon hit $300 million

[TexasTowelie]

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)

[IcyPeas]

1. Are people scooping up stocks for cannabis ?

[TexasTowelie]

2. You might ask John Boehner about that.

I don't know if his compensation comes only in cash or if there are stock options included in his deal with a cannabis grower.

[multigraincracker]

3. In Michigan, more than half of the tax collected goes to the local

schools and police. So, those locations that allow the businesses are rewarded with the money. A windfall for being progressive, while the more restrictive locations are left out. Doesn't seem to be any increase in crime either.

[TexasTowelie]

4. That because us smokers are too stoned to steal.

[abqtommy]

5. Now that's what I call Arkansas Gold!

[Throck]

6. Medical marijuana shouldn't be taxed.

[IrishAfricanAmerican]

7. Agreed.