Arizona has now released new figures that show the state is on track to sell over $1 billion in cannabis this year along with collecting more than $150 million in taxes. Initially, reports had stated that Arizona was set to bring in $75 million in tax revenue from cannabis, but new reports surpassed those findings. After only a few months of being recreationally legal, Arizona is on pace to surpass cannabis legalization state pioneer, Colorado, in marijuana sales this year.
Comparatively, when Colorado had both medical and recreational cannabis legalized in 2014, it reported about $684 million in total marijuana sales, passing $ 1 billion in annual sales in 2016, its third year. Oregon launched recreational marijuana use the very next year in 2015 and it was only last year in 2020 they broke $1 billion, largely in part by Oregonians staying home due to the pandemic. Kelsie McCanna, Chief operating officer for The Flower Shop, which has three different locations in the Phoenix area and two medical dispensaries in Utah, said, “All three stores increased drastically,” pertaining to the January launch of recreational sales.
She said the shops in Arizona continue to see new customers, showing the adult-use market has lots of room to grow as more people try out dispensaries. As legalization becomes more prevalent, more people are becoming open to taking a hit from the bong or joint. Analysts are expecting significantly more growth in recreational Arizona adult-use sales, with a few Wall Street analysts predicting the state would top $2 billion in annual sales after recreational sales stay consistent for a couple of years. Seeing drastic increases in marijuana sales, like in Arizona, just goes to show that cannabis legalization is something that needs to happen statewide.
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