Maryland Hits $1.1 Billion in First Year of Legal Cannabis Sales

Maryland’s Adult-Use Cannabis Market Surpasses $1.1 Billion in Sales

Since Maryland’s adult-use cannabis market launched in July of last year for sales, licensed retailers have sold more than $1.1 billion worth of legal marijuana products, including more than $700 million to adult consumers and $400 million in medical marijuana.

Record-Breaking Sales

Last month alone, sales surpassed $95 million, with adult-use purchases making up more than two-thirds of that amount ($67 million). That’s according to the latest data from the Maryland Cannabis Administration, which Gov. Wes Moore (D) highlighted in a press release on Wednesday.

“Our new adult-use cannabis market isn’t only generating extraordinary economic activity – it’s also helping us build new pathways to work, wages, and wealth for all,” Moore said in a statement. “Making Maryland more competitive means ensuring that everyone can reap the benefits of Maryland’s economic growth. This important milestone proves how our administration continually—and repeatedly—honors our deep commitment to that mission.”

Key Milestones in Maryland’s Cannabis Industry

The release also highlights other significant milestones during the past year of regulated cannabis, including establishing “a first-in-the-nation state cannabis reference laboratory dedicated to cannabis oversight and managed by a state cannabis regulatory agency” and opening “the first cannabis business licensing round in the nation that was reserved exclusively for social equity applicants.”

Economic Impact and Community Reinvestment

Over the past year, the state collected more than $40 million in fees from licensed marijuana companies. These funds were funneled into the state’s community reinvestment and repair fund. The fund, which receives 35 percent of state marijuana revenue, supports programs benefiting low-income communities and those most impacted by the criminalization of cannabis.

Additional Achievements

Other highlights of the past year include:

• Establishing a cannabis workforce development program.
• Launching a statewide public health and safety campaign.
• Creating an Office of Social Equity.
• Publishing a data dashboard with information about the state marijuana industry.

“I am proud of the efforts of the Cannabis Administration staff who worked in collaboration with our governmental and industry partners to implement a safe and equitable market in Maryland, while simultaneously building a new regulatory agency,” Maryland Cannabis Administration Director Will Tilburg said in a statement. “As exciting as the past year has been, we expect the year ahead to be even more so, as new social equity businesses bring their passion and innovation to the Maryland market.”

Audrey Johnson, executive director for the Office of Social Equity, said the achievements reflect “the dedication and hard work of countless individuals who believe in the transformative power of equitable cannabis policies.”

“Our focus on social equity has paved the way for a more inclusive industry, and we remain committed to ensuring that all Marylanders benefit from this growing market,” Johnson said.

Data and Future Prospects

Though the governor’s press release includes monthly sales numbers for Maryland’s medical and adult-use markets, the Maryland Cannabis Administration (MCA) has not yet updated its data dashboard with the latest information. Officials at the state comptroller’s office recently corrected cannabis tax revenue data due to a clerical error noticed late last month.

During the first quarter of 2024, the state collected nearly $15 million in marijuana sales tax revenue—an increase of less than 0.7 percent compared to the previous quarter.

Broader Legislative Efforts

Gov. Moore also announced pardons of more than 175,000 state-level marijuana possession and paraphernalia convictions last month, though he’s since said there’s still work to do to expunge cannabis records. He’s pledged to work with lawmakers to achieve broader reform.

Aside from cannabis, the governor in May also signed a pair of bills into law to establish a psychedelics task force that will study legal access to substances like psilocybin and DMT.