Marijuana Business Factbook 2019

39 © Copyright 2020, Marijuana Business Daily , a division of Anne Holland Ventures Inc. You may NOT copy this Factbook, or make public the data and facts contained herein, in part or in whole. For more copies or editorial permissions, contact CustomerService@MJBizDaily.com or call (720) 213-5992, ext. 1. State-By-State: Legal Overview, Market Data and Outlook | Chapter 2 MJBIZDAILY.COM SUMMARY What to watch in 2020 After legal challenges and licensing delays, medical marijuana sales in Arkansas began in May 2019. The launch exceeded expectations, with sales totaling roughly $30 million by the end of the year. The successful launch came despite limited access to dispensaries, as only 16 of the 32 licensed dispensaries are currently operational. As Arkansas’ market matures, access to MMJ dispensaries will increase, selection will expand and prices will fall― which likely will serve to boost an already strong market. Marijuana Business Opportunity Rank for 2020 C+ Having missed the opportunity to apply with the first wave of companies looking to obtain one of the 32 dispensary and five cultivation licenses, cannabis businesses venturing into Arkansas in 2020 face some major obstacles. Arkansas is the first Bible Belt state to legalize MMJ, so entrepreneurs must be well-capitalized and willing to take on significant risk to make a successful play. In addition, with so many more applicants than available licenses, access will require buyouts. Arkansas also has some of the highest licensing/ renewal fees in the country.