After Adult Use Market Launch, Maryland Cannabis Sales Near $700M in 2023

January 8, 2024 · Ganjapreneur

After launching its adult-use market last year, Maryland cannabis retailers and dispensaries together have sold nearly $700M in products, according to a report from CBS Baltimore. According to the report, medical cannabis, which was already a thriving sector, saw an increase of over $200 million in just about five months. On the other hand, adult use sales rose to $270 million since stores opened.

In a statement to CBS, President of SunMed Growers Jake Van Wingerden highlighted the dramatic impact that adult use legalization has had on their business.

A portion of Maryland’s cannabis revenue is being redirected to benefit communities statewide. Consumers are charged a 9% tax at the point of sale, which, from July to September alone, amounted to over $12 million in taxes for adult-use cannabis. This is allocated across Maryland’s counties and infused into various funds dedicated to health, business, social equity, and the state’s general fund.

Like many other states, Maryland is also taking proactive steps to expand and diversify the industry. Starting this year, the state is issuing 75 new dispensary licenses via a lottery system, particularly targeting jurisdictions disproportionately impacted by the war on drugs.

This initiative aims to promote market share and ensure a more inclusive and equitable industry. Baltimore City received the lion’s share in the first round with 11 licenses, followed closely by Montgomery and Prince George’s counties, each receiving 9.

If cannabis sales in Maryland continue on their current trajectory, retailers in the state should be on track to generate well over $1 billion in revenue collectively in 2024. (Full Story)

In category:Business
Tags:
Next Post

Colorado enacts new laws and regulations for marijuana industry

A slew of new cannabis laws and regulations went into effect Monday in Colorado, addressing issues such as online retail sales, intoxicating hemp products, lab testing and hospitality. Among the new laws and rules highlighted by the Colorado Marijuana Enforcement Division (MED)…
Read
Previous Post

Almost Half Of Missouri’s Marijuana Social Equity Business License Applicants Live Outside The State

More than 40 percent of the owners listed on applications for state’s social-equity marijuana licenses issued in October were from outside Missouri, according to an annual report released by the Division of Cannabis Regulation Wednesday. About half of those owners came from…
Read
Random Post

Jonathan Adler’s Stylish World

Acclaimed New York City-based potter, designer and author Jonathan Adler is perfectly poised at the intersection of high-end design and subversive style. Since launching his first collection at Barneys New York two decades ago, Adler has built a cult-like customer…
Read
Random Post

Study: Cannabis Doesn’t Increase Heart Attack Risk

Middle-aged adults with a history of cannabis use over the previous year did not have a higher risk of suffering a heart attack, according to the results of a recent study by researchers at the University of California in San…
Read
Random Post

Federal Appeals Court Rules That Gun Ban For Marijuana Consumers Is Unconstitutional

A federal appeals court has ruled that the ban preventing people who use marijuana from possessing firearms is unconstitutional—the latest and highest-level blow to the long-standing federal prohibition that’s actively being challenged in a number of cases across the country.…
Read
Random Post

Missouri regulators lift recall on nearly 15,000 marijuana products

Missouri regulators have notified cannabis operators that thousands of marijuana products under recall since August have been released for sale. The roller-coaster situation was first detailed by MJBizDaily. The Department of Health and Senior Services’ Division of Cannabis Regulation (DCR) have released nearly 15,000…
Read