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Maryland On Pace for $1.1 Billion in Marijuana Sales in 2024

Maryland’s burgeoning adult-use cannabis market achieved yet another milestone last month, as licensed dispensaries reported record-breaking sales of nearly $56 million, according to the state’s Cannabis Administration (MCA). This figure surpassed October’s total by $861,500, marking a continued upward trend for the state’s recreational cannabis industry.

Conversely, November witnessed a slight dip in medical cannabis sales, declining by almost $1.2 million. Despite this decrease, the combined sales for both adult-use and medical cannabis reached $89.7 million, representing a 2.25% decrease from the peak in August when sales hit $91.7 million, as reported by the MCA.

Since the commencement of adult-use sales on July 1, 2023, Maryland’s licensed dispensaries have reported substantial earnings, with almost $270 million in adult-use receipts and nearly $180 million in medical receipts. The cumulative sales of approximately $450 million over the first five months suggest an annual run rate approaching $1.1 billion for 2024.

Breaking down the product categories, flower sales dominated in November, contributing $48.8 million to the overall sales. Other significant categories included concentrates ($21 million), infused edibles ($5.3 million), infused non-edibles ($2.9 million), and shake/trim ($542,000), as reported by the MCA. Additionally, plant sales accounted for $10,500.

The remarkable sales figures are attributed to the early entry of existing medical operators into the adult-use market in July. Major players such as Ascend Wellness, Cresco Labs, Curaleaf, Green Thumb, The Cannabist Co., TerrAscend, Trulieve, and Verano were among those granted first-mover advantage.

To diversify the adult-use retail landscape, the MCA recently concluded a 30-day application period on December 12, aiming to issue up to 179 licenses exclusively for social equity businesses. These include 75 standard dispensaries, 16 standard growers, 32 standard processors, 24 micro growers, 24 micro processors, and 8 micro dispensaries. This initiative is poised to almost double the number of retail facilities in the state, currently at 91, as the MCA has already granted cannabis dispensary licenses to 101 entities.

It’s important to note that Maryland imposes a 9% sales-and-use tax on cannabis receipts at retail, contributing to the state’s revenue streams.

Read the whole article here.

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