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)