Maryland sold over $20m of cannabis products in a week following the innaugural launch of adult-use cannabis sales earlier this month.
According to new data published by the Maryland Cannabis Administration, published by The Baltimore Banner, licensed dispensaries brought in revenues of $20.9m in the first week of July, following the launch of adult-use sales on July 1.
More than half of this, $10.4m, was made during the opening weekend which coincided with July 4 celebrations, which saw queues of hopeful consumers stretching the length of streets.
READ MORE: Adult-Use Sales of Cannabis Have Now Begun in Maryland
The administration has now predicted that annual revenues will top $600m, though it has stipulated that as the market matures, more stores open and competition intensifies, the initial sales surge would likely subside.
This would see the state rake in around $54m to cover administration and oversight costs, fund community reinvestment efforts and distribute revenues to counties and municipalities.
Verano’s president Darren Weiss, who operated four dispensaries in Maryland, told the publication: “We often see an uptick in demand following the initial launch of adult use sales, and with sales in Maryland predicted to reach $1 billion by 2025, there is a significant opportunity for cannabis businesses and the overall economy to benefit,” he said.
