Sales of recreational cannabis in the state of Arizona have been skyrocketing their first year.
State officials are reporting that total gross sales have surpassed more than a billion dollars.
“Rarely does an industry produce over $1.2 billion in revenue in its first year. This number shows that the legalization of cannabis is something Arizonans believe strongly in and the many benefits it contributes to the state’s economy,” said Samuel Richard, the Executive Director of the Arizona Dispensaries Association (ADA).
According to the association, the tax revenue generated has exceeded $190 million before including December’s sales. The ADA says that means the State of Arizona is on track to receive $215 million in tax revenue for 2021.
The figure is more than had been estimated because the state legislature had expected legal recreational cannabis to generated about $166 million in annual revenue after the program became “more fully operational in the next several years.”
The ADA says Arizona’s first year surpassed other Western states that legalized recreational use of marijuana, including Nevada, which reported nearly $425 million in revenue.