Arizonans legalized adult-use cannabis as part of the five-state green wave that occurred in the November 2020 election. Since then, the state has stood out from the pack by quickly implementing and launching its adult-use market in February 2021.
Arizona became the 10th state with adult-use cannabis retail. The state is already home to one of the most developed medical cannabis markets in the country, as BDSA’s retail sales tracking shows that Arizona brought in over $1 billion in medical sales for 2020. While Arizona’s market will likely deal with issues that are common in new adult-use markets, such as undersupply and limited retail coverage, BDSA expects Arizona to see strong adult-use sales in 2021.
Sales took off in short order, amassing $2.9 million over the first 10 days. In March, sales reached $120 million. However, state Department of Revenue officials said the figure was not entirely reliable due to jumbled tax collections and incorrect reporting from some stores.
Still, prospects appear high for one of the nation's newest adult-use markets. With what seems to be a robust regulatory system in place, investors and entrepreneurs may find success if they can navigate the limited licensed, vertically integrated market- making the market ideal for investors and current operators.
Arizona's Cannabis Market: What Investors And Entrepreneurs Need To Know
Arizona Launches Adult-Use Sales in Record Time
Josh Kincaid, Capital Markets Analyst & host of your cannabis business podcast.
Episode 760 of The Talking Hedge:
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