Maryland’s First Week of Adult-Use Cannabis Sales Tops $20 Million

LOS ANGELES– Maryland’s cannabis retailers reported a remarkable achievement, with nearly $21 million in combined sales of medical and recreational cannabis products during the state’s inaugural week of adult-use sales. Andrew Garrison, Chief of Policy and Government Affairs for the Maryland Cannabis Administration, revealed that the opening weekend alone accounted for approximately $10 million, with $5 million of that amount generated on the first day. These sales figures align with industry trends observed in other states.

According to the 2023 MJBiz Factbook, recreational cannabis sales in Maryland are projected to reach $275 million this year, with estimates soaring to $2.1 billion by 2027.

In November of the previous year, Marylanders voted in favor of legalizing recreational cannabis. Subsequently, lawmakers worked tirelessly to pass regulations for adult-use implementation by July 1, the date when the legislation officially took effect.

Additionally, the Maryland Department of Commerce has launched the Cannabis Business Assistance Fund, offering social equity licensees the opportunity to apply for funding. To qualify, applicants must have received preapproval for a license before October 1, 2022, and have yet to commence operations as of August 1, 2023.

Governor Wes Moore highlighted the fund’s focus on social equity applicants, aiming to direct investments towards historically overlooked communities and provide new opportunities for residents throughout Maryland.

With Maryland’s adult-use cannabis market off to a strong start, industry stakeholders and consumers anticipate further growth and development as the market continues to evolve.