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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.
River Valley Relief is in the process of constructing a medical marijuana cultivation facility in Fort Smith with expectations to start growing plants in July. Product from River Valley Relief would then be available in the fall.
“We will produce a substantial amount, which will increase supply,” River Valley Relief owner Storm Nolan said. “We hope to make cannabis more affordable for Arkansas patents.”
While River Valley Relief has a few core people already involved, Nolan intends to start hiring more workers for the cultivation facility closer to the time of completing the facility. With their closest competitor having about 120 employees, Nolan expects to eventually match that in employment numbers.