Maryland saw consumers spend a record total of $87.4 million on cannabis products in its first month of adult use cannabis sales.
This compares to the $43 million spent on medical cannabis products in the state in July 2022. Under the new law, existing medical dispensaries are permitted to pay a conversion fee and sell both adult-use and medical cannabis.
After adult use sales launched on 1 July, consumers in the state have spent an average of $2.8 million a day. The first weekend of sales alone saw $20.9 million, which has racked up to $65.7 million by 23 July.
The data from the Maryland Cannabis Administration shows that consumers spent the most on flowers – with sales reaching over $50 million – followed by concentrates at over $22 million and infused edibles reaching over $6 million.
Speaking to Forbes, LeafLink strategist Ben Burstein, commented: “Maryland’s adult-use retail sales have had an incredible start in its first month, hitting $21 million in the first week alone.
“This puts the state on track for an annual run-rate of $700 million to $800 million, making it one of the top-performing markets this year.”