Two years after Arizona retailers recorded record sales of recreational and medical cannabis, the retail boom is fading.
Marijuana retailers in the state sold $1,257,437,802 worth of products in 2024, an 11.4% drop from $1,419,696,375 in 2023, according to an MJBizDaily analysis of data released by the Arizona Department of Revenue.
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The dip is the second consecutive annual revenue decrease after dispensary operators sold a record $1,428,257,533 of cannabis products, the Arizona Mirror reported.
Following a national economic trend in markets that legalize adult use, declining sales in Arizona’s medical marijuana market drove the losses.
MMJ sales in Arizona accounted for $243,866,819 last year, down a whopping 31.8% from 2023 and nearly 53% from 2022.
Comparatively, adult-use sales dipped 4.5% year-over-year to $1,013,570,983.
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