Arizona is set to outpace Colorado in the cannabis market, Bloomberg reported. Arizona’s marijuana industry will have a greater potential for growth than that of its neighbor to the north as it provides more opportunities for companies and investors.
Arizona is set to outpace Colorado in marijuana sales, with the Grand Canyon State exceeding $1 billion of cannabis during its first year. How does Arizona’s new market affect supply chain management?The “arizona department of revenue” is set to outpace Colorado in marijuana sales. Arizona will sell more than $1 billion worth of cannabis in 2018, according to the state’s Department of Revenue.
According to state statistics, Arizona is on course to outsell Colorado in marijuana sales only months after recreational use became legal in the Copper State, with total yearly sales projected to exceed $1 billion by the end of this year.
In its most recent report on marijuana income, the Arizona Department of Revenue showed that overall sales had almost quadrupled since January, when recreational marijuana sales to anyone 21 and older became legal in the state.
According to a study of state statistics by the Arizona Republic, the state received approximately $75 million in taxes this year from both medicinal and recreational marijuana sales from January through May.
In 2010, Arizona voters legalized medicinal marijuana usage, and in November, voters passed a proposal legalizing cannabis for recreational use, making it one of 19 states, including Washington, D.C., and Guam, to do so.
According to the Arizona Republic, the state may surpass $1 billion in total medicinal and recreational marijuana sales by the end of 2021, based on monthly sales of $117 million to $123 million over the last three months.
In comparison, Colorado recorded total marijuana sales of $684 million in 2014, the first year the state legalized both medicinal and recreational use.
Colorado’s medicinal and recreational marijuana sales totaled $2.2 million in 2020, according to the Colorado Department of Revenue.
According to a study released in May by the Marijuana Policy Project, states have received a total of $7.9 billion in tax revenue from recreational marijuana sales since Washington and Colorado became the first states to legalize recreational marijuana in 2014.
According to the study, California has become the biggest legal marijuana market, with recreational marijuana taxes expected to generate more than $1 billion in 2020.
In the same year, the state of Washington earned $614 million in marijuana tax income, while the state of Colorado received $362 million in recreational marijuana taxes.
The increase in sales and state tax income comes as Democratic legislators work to make marijuana legal nationally, with Senate Majority Leader Charles Schumer (D-N.Y.) proposing a measure earlier this month that would legalize marijuana at the federal level if approved.
The day after the bill was unveiled, Schumer said that removing the federal ban on marijuana will be a major priority for the Senate, citing the fact that “a number of states,” including New York, “have just legalized.”
He claimed that “the doom and gloom forecasts haven’t realized in any of these states.” “And as more states legalize marijuana, it’s past time for our federal marijuana laws to keep up.”