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Arkansas medical marijuana sales set new record in 2023 – Talk Business & Politics

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Arkansas medical marijuana sales set new record in 2023 – Talk Business & Politics


Arkansas medical marijuana sales set a new record in 2023 with a 2.53% increase over 2022, and the number of Arkansans with active marijuana patient cards rose 8.4% in 2023, according to the Arkansas Department of Finance and Administration (DFA).

The DFA reported posted Tuesday (Jan. 9) shows that medical marijuana sales totaled $283 million for the year, up from the previous record of $276 million in 2022. The state’s 38 dispensaries sold 62,227 pounds of marijuana in 2023, well above the 50,547 pounds in 2022. The state has licensed eight cultivators to provide product to the dispensaries.

The Arkansas Department of Health reports 97,374 active patient cards as of Jan. 9, up 8.4% from 89,855 at the end of 2022.

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“In late 2023, Arkansas’ medical marijuana industry surpassed $1 billion in total sales since the first dispensary opened for business,” DFA spokesperson Scott Hardin noted in a statement. “From $31 million in sales in 2019 to $283 million in 2023, the industry has grown each year. The $25.6 million spent in December was the largest monthly amount in 2023.”

More than $120 million in tax revenue has been collected since has been generated since sales began in 2019. Revenue from medical marijuana sales reached $31 million in 2023, below the $32 million in 2022. Tax revenue doesn’t always mirror sales numbers, Hardin noted.

“The tax revenue doesn’t match well to sales. For example, there may have been large payments made by permit holders in 2022 due to audits from previous years. Those payments would then be included in the month in which it was paid in 2022. Additionally, there is a delay in which we receive the revenue. December was the largest month for sales in 2023. However, collection of that tax revenue will be listed in January 2024 figures,” Hardin told Talk Business & Politics.

Taxes collected are 6.5% of regular state sales tax with each purchase by a patient and a 4% privilege tax on sales from cultivators to dispensaries. Most of the tax revenue is placed in the University of Arkansas for Medical Sciences National Cancer Designation Trust Fund. The state also collects a cultivator privilege tax, which means tax revenue is not always tied to how much product is bought by consumers at dispensaries and the price for the product sold to dispensary customers.

The constitutional amendment legalizing medical marijuana for 17 qualifying conditions and creating a state medical marijuana commission was approved by Arkansas voters 53% (585,030) to 47% (516,525) in November 2016.

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NATIONAL TRENDS
According to MJBiz, U.S. medical marijuana sales are projected to reach $11.1 billion in 2023, with all 2023 legal marijuana sales nationwide estimated to total $33.6 billion.

Washington, D.C.-based New Frontier Data, an analytics and data firm focused on the cannabis industry, reported in March 2023 a growing number of U.S. consumers of all forms of legalized marijuana. Following are a few key findings from that report.

• If the pace of state-level legalization continues in the absence of federal policy reform, legal cannabis sales are projected to reach $71 billion by 2030. If that pace stagnates, it would still reach $58 billion.

• An estimated 54 million U.S. adults will consume cannabis in 2023 across both legal and unregulated markets; that will grow to 69 million U.S. consumers by 2030.

• The total number of registered U.S. medical cannabis patients surpassed 4.5 million in 2022; there will be 5.2 million registered by 2030 – with no assumptions for new markets.

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• The average U.S. consumer price per ounce of flower has declined 10% since 2010, dropping from $325.46 to $294.15.

Talk Business & Politics will update this story later today with a list of the top five dispensaries by pounds sold.



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Arkansas’ 2026 schedule unveiled

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Arkansas’ 2026 schedule unveiled



FAYETTEVILLE, Ark. – Arkansas will open the Ryan Silverfield era at home on Sept. 5 against North Alabama as part of a home schedule that features seven home games, including five Southeastern Conference games as part of the league’s first-ever, nine-game conference slate.

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The Razorbacks open the season inside Donald W. Reynolds Razorback Stadium against North Alabama on Sept. 5. Coach Silverfield will coach his first game as the Head Hog in the program’s first-ever meeting with Lions. Another program first awaits the following week with a trip to Utah (Sept. 12) for the first football game between the two schools. The road game at Utah will be the Hogs’ third at a Big 12 opponent in five seasons following trips to BYU in 2022 and Oklahoma State in 2024.

Arkansas returns home to Fayetteville for back-to-back games with its first Southeastern Conference game of the season against Georgia on Sept. 19. The Bulldogs’ visit to Razorback Stadium will be the team’s first since 2020 when the two teams squared off in the season opener. Arkansas’ final non-conference game of the season is set for Sept. 26 vs. Tulsa. The matchup will be the 74th in a series that dates back to 1899.

A three-game stretch to start October features games at Texas A&M (Oct. 3) and at Vanderbilt (Oct. 17) with a home game against Tennessee (Oct. 10) in between. The trip to Texas A&M will be Arkansas’ first since 2020 and the trip to Vanderbilt will be the first for the Razorbacks since 2011 and mark just the 11th meeting all time between the two programs. Despite joining the SEC in 1992, the Hogs and the Commodores have played just seven times with only three coming in Nashville.

Arkansas’ bye week is set for Oct. 24 before wrapping up the month with a home game against Missouri (Oct. 31). The Battle Line Rivalry moves up the schedule from its traditional final game slot for the first time since Mizzou joined the league. The Razorbacks and Tigers have closed every regular season – except the pandemic-shortened schedule in 2020 – against each other since 2014.

November begins with a trip to Auburn (Nov. 7) before closing the season at home in two of the final three regular season games. South Carolina makes the trip to Fayetteville on Nov. 14 for the first time since 2022. A return trip to Texas (Nov. 21) serves as the final road game on the slate. The Battle for the Golden Boot returns to its regular season finale position on the schedule on Nov. 28. Arkansas and LSU battled on the final weekend of the regular season from 1992 when the Hogs joined the SEC through the 2013 season.

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Football season ticket renewals will take place from January 20 through March 31. New season tickets can be purchased by clicking here. All new season ticket purchasers will have the opportunity to relocate their season ticket locations during Razorback Seat Selection in April. Additional season ticket inventory will be made available following the seat selection process.

2026 Arkansas Football Schedule
Date – Opponent
Sept. 5 North Alabama
Sept. 12 at Utah
Sept. 19 Georgia*
Sept. 26 Tulsa
Oct. 3 at Texas A&M*
Oct. 10 Tennessee*
Oct. 17 at Vanderbilt*
Oct. 24 Bye
Oct. 31 Missouri*
Nov. 7 at Auburn*
Nov. 14 South Carolina*
Nov. 21 at Texas*
Nov. 28 LSU*
*Southeastern Conference game



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Arkansas Educational Television Commission disaffiliates from PBS | Arkansas Democrat Gazette

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Arkansas Educational Television Commission disaffiliates from PBS | Arkansas Democrat Gazette


Bill Bowden

bbowden@nwaonline.com

Bill Bowden covers a variety of news for the Arkansas Democrat-Gazette, primarily in Northwest Arkansas. He has worked at the newspaper for 16 years and previously worked for both the Arkansas Democrat and Arkansas Gazette.

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Artificial intelligence “explosion” has changed the accounting industry in Arkansas

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Artificial intelligence “explosion” has changed the accounting industry in Arkansas


Accounting firms in Arkansas are aggressively adopting artificial intelligence tools. The field is among the most impacted by the AI boom because it is so data-centered.

“All the accounting firms, you know, medium size to large firms that I’ve been talking to, they have incorporated AI to some extent,” said Dr. Gaurav Kumar, a professor of accounting at the University of Arkansas at Little Rock.

Artificial intelligence can do in an instant work that used to take accountants many hours.

Landmark CPAs is at the forefront of the industry’s shift to AI in Arkansas and says the technology has all but eliminated the need for entry-level accountants to punch in numbers for W-2s and 1099s.

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“Being able to use software that can auto-populate, can read documents and populate that into the return for us has really made a big difference,” said Rocky Goodman, a tax partner at Landmark.

And it’s the same with audits—AI can look for discrepancies and verify cash payments at lightning speed.

“It’s going to do it like that, whereas it used to take a staff maybe five to 10 hours,” said Michael Pierce, a Landmark audit partner.

And contrary to fears, Landmark says AI isn’t costing accountants jobs but plugging a gap created by a workforce shortage in the industry.

The advantages of AI are clear, but it also demands investment in cybersecurity and ensuring data privacy.

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“One of the concerns is privacy. So, you know, if the staff is using personal AI tools, client data could be exposed. So firms must provide kind of secure, enterprise-grade AI options and clear policies,” Kumar told KATV.

Landmark plays it safe and uses enterprise-level AI tools.

“Our IT department obviously spends a lot of time researching to ensure that we don’t have any issues with client information being included in the learning modules that are building out these AIs,” Pierce told KATV.

Another concern is that, despite its rapid growth, AI is not infallible.

“AI can still produce incorrect or sometimes made-up information it can automate tasks, but it cannot replace judgment, ethics, or the ability to interpret complex tax laws or business scenarios,” Kumar said. “So, you know, that’s where a professional CPA, professional accountants, come in—review is essential.”

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For that reason, and because data input is no longer a burden, Landmark is hiring CPAs for more of an analytical role.

“It does take a different skill set for someone than it did prior to the AI explosion,” Goodman told KATV.

But AI is reshaping the accounting industry in other ways as well.

“It’s also another challenge because AI is reducing the number of hours it takes to do a work, and traditionally accounting firms have always billed their clients on an hourly basis. So now AI is kind of pressuring firms to shift away from hourly billing and move more towards value pricing and subscription based advisory. So it’s kind of like they have to change their whole model,” Kumar told KATV.

Another factor is the cost of AI—like other firms, Landmark has had to spend a lot of money to stay competitive in its rapidly changing industry.

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There is immense pressure to adopt AI, and it’s not limited to accounting firms.

“I’ve been seeing that companies in Central Arkansas are eager to move forward, but they’re trying to do it judiciously,” said Marla Johnson, tech entrepreneur-in-residence at UALR.



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