US (AZ): Arizona brings In $21 million In cannabis tax revenue for july, with recreational sales catching up to medical

Arizona brought in about $21 million in medical and adult-use cannabis tax revenue in July, state officials reported on a new webpage that enables people to more easily track how the industry is evolving.

Medical cannabis taxes were slightly higher at $5,485,102 last month, compared to $4,445,848 collected from the recreational market, according to the Department of Revenue. The state also took in an additional $10,937,526 from the cannabis excise tax. However, these figures are preliminary, as the deadline to report was August 20 and some businesses may need more time to send in data.

While medical cannabis taxes are still outpacing those from the adult-use market, that gap has been gradually narrowing in the months since recreational sales first launched in January. That’s a trend that’s been observed across numerous states after adult-use cannabis is legalized.

However, Arizona’s medical cannabis market is well-established, and some industry experts don’t necessarily expect recreational sales to overtake the medical program for some time.

Read more at marijuanamoment.net


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