Arizona’s cannabis market, once hailed as a rising star in the industry, is now grappling with significant challenges. Despite the continued strength in asset valuations, the state has seen a marked decline in both medical marijuana and adult-use cannabis sales. Between August 2022 and July 2024, the market’s peak was in March 2023, with sales reaching approximately $127.29 million. As reported the Green Market Report, by July 2024, sales had dropped to around $90.32 million, representing a year-over-year decline of 14.5%, according to cannabis data firm Headset. The drop in sales is evident i…