Maryland Cannabis Market Surpasses $1.1 Billion in First Year of Legalization

LOS ANGELES- Governor Wes Moore announced that Maryland’s cannabis market achieved a significant milestone in its first year of legalization, with total medical and adult-use retail sales exceeding $1.1 billion. This reflects the state’s commitment to a regulated, equitable, and thriving cannabis industry.

Economic Impact and Sales Breakdown

Maryland’s legalization of cannabis has had a notable economic impact. In June alone, monthly retail sales surpassed $95 million, with adult-use cannabis sales contributing over $67 million. Since the start of adult-use sales on July 1, 2023, the sector has generated more than $700 million, while medical cannabis sales have approached $400 million. These figures highlight the substantial financial contributions of the cannabis industry to Maryland’s economy.

Social Equity and Business Opportunities

Governor Moore emphasized the importance of the cannabis market in promoting social equity and business opportunities. The first round of cannabis business licensing was reserved for social equity applicants, resulting in a majority of the selected businesses being minority-owned. Specifically, 53.7% reported majority black or African American ownership, and 76.2% reported majority minority ownership. This has effectively doubled the number of licensed cannabis entities in the state.

“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,” said Governor Moore. “This important milestone proves how our administration continually – and repeatedly – honors our deep commitment to that mission.”

Regulatory and Oversight Initiatives

Maryland has established the first state cannabis reference laboratory, managed by a state regulatory agency, to ensure all cannabis products meet safety and quality standards. Additionally, the state has collected over $40 million in fees to support the Community Reinvestment and Repair Fund, which aims to aid low-income and disproportionately impacted communities.

Workforce and Public Health Programs

The Cannabis Workforce Development Program prioritizes individuals with cannabis-related offense histories, aiding their reintegration into the workforce. The “BeCannabisSmart” campaign promotes safe cannabis use and educates the public on various safety topics.

Future Outlook and Data Transparency

Will Tilburg, Director of the Maryland Cannabis Administration, praised his team’s efforts in implementing a safe and equitable market. He highlighted the establishment of the “Medical and Adult-Use Data Dashboard,” which provides the public with access to key metrics and data transparency. The administration has expanded its staff from about 50 to over 100 to meet the growing needs of the industry.

As Maryland’s cannabis market continues to evolve, the state anticipates further growth and innovation, driven by new social equity businesses and a robust regulatory framework.