Towson (KVOA) – Tax revenue figures show that cannabis sales in the state beat expectations.
The executive director of the Arizona Dispensary Association says they initially expected cannabis tax revenue to be between $135 and $140 million for the first year of legal recreational marijuana in the state.
However, as of October, tax revenue totaled approximately $175 million. This number will be greater once the final totals are calculated early next year.
Industry experts say they did not expect regulations to be put in place and companies up and running so quickly. They say Arizona moved at an unusual speed.
“In terms of speed, there is no doubt,” said Steve White, president of Trulieve. “Arizona happened faster, and the regulators were faster than we’ve seen in any part of the country.”
{Samuel Richard, CEO, Arizona Clinics Association}
“To really be at that pace with 60 calendar days left in terms of data left to collect, we’re very pleased with reality versus expectations,” said Samuel Richard, CEO of the Arizona Clinics Association.
According to the Arizona Dispensary Association, total sales revenue for medical and recreational marijuana this year will be approximately $1.5 billion.
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