Arizona cannabis sales totaled more than $1.4 billion for the third consecutive year in 2023, as medical sales continued to tank and recreational buyers made up an overwhelming share of the sales.
The maturation of the market has followed a trajectory throughout the brief history of the passage of the Smart and Safe Arizona Act, Prop 207, in 2020, leaving medical sales in the dust at less than one-third that of the recreational market.
Recreational cannabis sales for 2023 totaled about $1.1 billion, and medical contributed $348 million for total 2023 sales reaching $1.43 billion. Recreational sales amounted for more than 76% of the total, an increase from the 70% of sales it represented in 2022. In 2021, the first year adult-use recreational sales were legal, they were just 45% of the total.
Since January 2021, recreational sales have totaled $2.8 billion, while medical has brought in slightly more than half that at $1.65 billion. The medical market dropped below $40 million in July 2022, and has not come near that mark in the ensuing months. Medical sales reached a peak of $73.4 million in April 2021, but since the inception of the dual market, medical sales have reached new lows seemingly every month.
Read more at azmirror.com