In the meantime, Arizona is still a top state in cannabis sales and will continue to be as it generates more than $1 billion. In 2021, we predict that the number of people over 18 with an active medical marijuana card will reach 642,336 – enough for a robust market.
The “arizona department of revenue reports” is a report that has been released by the Arizona Department of Revenue. The report states that Arizona will be making $1 billion in cannabis sales by 2021.
In November of 2020, Arizonans decided to legalize recreational cannabis, and the market opened in February of 2021.
Since then, Arizona has swiftly developed into one of the country’s major cannabis marketplaces. Recreational sales reached a new all-time high in October, according to fresh figures.
More information may be found in the Arizona Mirror.
According to state tax authorities, marijuana sales in Arizona reached new highs in October, with roughly $58 million in anticipated recreational cannabis sales for the month. The previous high for adult-use marijuana sales was $54.5 million in July, when dispensaries sold the drug.
Medical marijuana is legal in Arizona, and the state collects sales taxes on it as well — yet it maintains a bigger market than the adult-use program. Medical marijuana sales are estimated to have totaled $63 million in October, according to ADOR officials. In all, the two programs in Arizona have generated more than $1.1 billion in cannabis sales in the first ten months of the year, with $641 million in medical marijuana and $466 million in recreational marijuana.
In the long run, Arizona’s cannabis business is still in its infancy. As the state adds more dispensaries and more users migrate from the illicit to the legal market, the industry should continue to thrive in the coming years.
Investors looking to profit from the trend should look at a cannabis stock that is both the biggest participant in Arizona and one of the major cannabis firms in the United States.
With a market capitalization of over $5 billion, Trulieve Cannabis Corp (CSE: TRUL, OTC: TCNNF) is the biggest cannabis firm in the United States.
The corporation has 155 dispensaries and operates in eleven states. Trulieve has long been seen to be a bet on Florida, where the firm is based and runs 113 dispensaries.
Trulieve, on the other hand, completed the biggest purchase in the history of the US cannabis sector in 2021, when it paid $2.1 billion for fellow industry leader Harvest Health and Recreation (CSE: HARV, OTC: HRVSF). As a result of the merger, the United States now has the biggest cannabis corporation. Here are some more facts from the news release announcing the acquisition.
Harvest and Trulieve will have operations in 11 states, with 22 cultivation and processing facilities totaling 3.1 million square feet and 126 dispensaries serving both the medical and adult-use recreational cannabis markets, following the completion of the Transaction and other previously announced Harvest and Trulieve acquisitions.
Harvest was Arizona’s biggest operator at the time. Trulieve became Arizona’s biggest operator as a result of the transaction. Trulieve now owns 16 dispensaries in Arizona and has the state’s largest market share.
Prior to Harvest’s takeover, Trulieve had already been producing remarkable sales growth. Net sales for the third quarter increased by 64% year over year to $224.1 million. The Harvest transaction will be included in the fourth-quarter results, which will be released in February. Trulieve is expected to have the greatest quarterly revenue in the cannabis business.
Trulieve’s stock is down 50% from its 52-week high.
In 2021, Trulieve shares have underperformed the overall cannabis market, and the stock is now down 50% from its 52-week high. Shares have lately found a critical level of support around $25.
The Big Picture on Arizona and Believing in Yourself
After legalizing recreational cannabis in early 2021, Arizona immediately became one of the biggest cannabis marketplaces in the country.
Investors hoping to profit from the trend should look towards Trulieve, the state’s biggest operator after completing the largest purchase in the industry’s history.
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The “arizona dispensary license for sale” is a website that sells Arizona dispensary licenses. The website has been selling licenses since 2016.
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