Arizona Grownup-Use Weed Gross sales High a Document $72 Million


Gross sales of adult-use hashish in Arizona hit a report $72 million in March, whereas purchases of medical hashish dropped for the fifth month in a row. Regulated gross sales of leisure pot started in Arizona in January 2021, lower than three months after the state’s voters accredited a hashish legalization measure within the November 2020 basic election.

The Arizona Division of Income this week reported gross sales and tax income figures for March 2022 within the company’s updated monthly report. The division additionally revised the reported gross sales for February 2022, growing the whole by a number of million {dollars}.

Gross sales of leisure pot in Arizona amounted to $72.3 million in March, growing by greater than $2 million over the earlier month. Gross sales of adult-use hashish had been additionally up greater than $2 million in February, following a slight dip in gross sales in January in comparison with the month earlier than.

Gross sales of medical pot dropped to $49.4 in March, marking the primary time gross sales of medicinal hashish fell under $50 million since gross sales of leisure pot started final 12 months. Medical gross sales hit their highest complete of practically $73 million in March 2021, dropping to greater than $60 million per thirty days over the following six months. Since October, gross sales of medicinal hashish have dropped by greater than $1.5 million each month as gross sales of leisure pot elevated. Mixed medical and adult-use hashish gross sales got here to $121.8 million in March.

The Division of Income additionally raised its reported figures for regulated hashish gross sales for February. Gross sales of medical pot had been elevated for the month by $1.2 million to $53.7 million, whereas reported adult-use hashish purchases had been adjusted upward by $2.3 million, bringing the brand new month-to-month complete to virtually $71 million. The determine for complete hashish gross sales for February was revised as much as $123.8 million.

Pot Gross sales Convey Tax Income to State Coffers

Hashish taxes collected had been additionally reported by the division. Arizona levies an excise tax of 16% on leisure pot and clients additionally pay the state gross sales tax charge of 5.5%. Medical weed sufferers pay the gross sales tax however not the excise tax. Metropolis and county gross sales taxes are additionally assessed on hashish purchases.

In March, weed taxes collected totaled $21.3 million, together with $4.1 million from gross sales of medicinal hashish. Gross sales tax collected on leisure pot purchases got here to $5.6 million, whereas the excise tax on adult-use hashish generated $11.6 million in income.

“The legalization of hashish in Arizona has been a boon for our economic system and the state tax coffers,” Arizona Dispensary Affiliation govt director Sam Richard said in a statement quoted by the Arizona Mirror. “The monetary advantages are necessary, however the social impression can’t be understated, as residents now not need to reside in worry of getting their lives disrupted by low stage marijuana arrests and convictions.”

Final month, a report from the Institute on Taxation and Financial Coverage discovered that Arizona and 5 different states raised extra tax income from hashish taxes than they did from taxes on alcohol. Collectively, the 11 states which have legalized gross sales of adult-use hashish obtained about $3 billion in excise taxes on hashish, whereas alcohol gross sales generated round $2.5 billion in tax income.

In 2021, Arizona raised $105 million from hashish taxes, in comparison with $92 million in alcohol taxes. California obtained about $832 million in hashish taxes, roughly twice the income generated by alcohol taxes. In Colorado, hashish taxes totaling $396 million eclipsed alcohol taxes by a magnitude of eight instances.

“That is nonetheless a small a part of state budgets, nevertheless it’s a really shortly rising space. There aren’t many income sources that develop 12 months over 12 months. This has been a several-year pattern now,” Carl Davis, one of many authors of the ITEP research, said in a statement quoted by The Hill. “The early states, what you see is income begin low and develop very, in a short time.”

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