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Maryland’s Annual Cannabis Sales Hit $700m Since Adult-Use Legalisation

New figures from the Maryland Cannabis Administration show that since adult-use cannabis was legalised in July 2023, recreational sales have grown to over $270m.

Total sales, including both medical and adult-use cannabis sales, hit $699.8m in the year to November 2023.

Adult-use sales accounted for the majority of sales in each of the five months since legalization, growing consistently month-on-month.

In June, medical cannabis sales were $46.3m, dropping to $36.3m in July as adult-use sales were introduced, hitting $51.6m that month.

This cannibalisation continued throughout the remainder of the year, seeing medical cannabis sales fall from $38.7m in August to $33.6m in November.

Adult-use sales meanwhile continued to grow from $53m in August to nearly $56m in November, despite overall sales staying largely flat.

This year, the state is due to administer 75 dispensary licences, in an effort to continue the increase in sales.

These are set to be prioritised in jurisdictions most heavily impacted by the war on drugs, including Baltimore City, which received 11 licences during the first tranche, alongside Montgomery and Prince George’s with both receiving nine.

Adult-use cannabis sales are taxed at 9%, seeing total tax income during the period topping $12m. These revenues are subsequently re-invested into funds related to health, business, social equity and the state’s general fund.

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