Arkansas is about to have nine medical marijuana dispensaries soon. This weekend the first medical marijuana dispensary n Fayetteville is set to open.
According to the Alcoholic Beverage Control Board, there are over 12,000 lbs. of medical marijuana that have been sold so far, totaling more than $9 million in profit.
“If you look at other states, you have some that opened with a dozen dispensaries and didn’t do the number Arkansas did in the first couple months with just a few dispensaries,” said Spokesperson for the Department of Finance and Administration Scott Hardin.
Hardin has said that 10.5 percent of sales will be provided to the state in tax revenue.
According to the spokesperson, for every purchase of medical marijuana, the 6.5 percent regular state sales tax rate applies along with a 4 percent privilege tax.
“Overall, you have quite a bit of tax revenue coming in and several uses for all of it,” Hardin said.
There are 32 dispensaries licensed but 23 aren’t operational yet.