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Arkansas could see billions in recreational marijuana revenue

We know recreational marijuana will be on the November ballot in Arkansas— and now we have a better idea of the financial impacts it could bring if passed.

LITTLE ROCK, Ark. — We may still be months away from Election Day, but proponents of recreational marijuana are already starting to look ahead.

"We're really putting our money where our mouth is with bringing forth this opportunity for Arkansans to vote on," said Eddie Armstrong, Chairman of the Ballot Question Committee for Responsible Growth Arkansas. "So a vote for Issue Four is really important, we encourage people to go vote."

Getting recreational marijuana was only the first step— now he's got to get people to vote for it, something that Armstrong said they have the data to back up.

"Knowing that we will have this type of new revenue potential is very exciting," Armstrong said. "And I think for the industry, while they're focused on other aspects of it, this is just good for the state of Arkansas."

But how good is good? They're predicting nearly $3,000,000,000 in potential economic impact.

"It's an eye raiser," Armstrong said.

That data came from the Arkansas Economic Development Institute.

"We're trying to model an industry that's brand new, and really doesn't have a whole lot of data to give us any sort of information about," said Michael Pakko, Chief Economist with AEDI.

That money won't just go to those in the marijuana industry, either— AEDI's data projects nearly $45,000,000 dedicated to law enforcement and $30,000,000 dedicated to cancer research.

"This is bigger than just the smoking cessation of cannabis," Armstrong said. "This can really help those that are ill, those that have anxiety or sleep depression."

Along with that, nearly 6,400 jobs could be created by 2027. $15.2 million will be dedicated to drug courts, and nearly $212.5 million will be available for general revenue.

However, keep in mind that these predictions are just an educated guess as to what the Natural State could see. For Armstrong, though, it's the spark they've needed.

"It's a good business decision for voters, and it's a good business decision for the state," Armstrong said.

   

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