The Maryland Cannabis Administration (MCA) says that sales at the state’s cannabis shops reached more than $91.4 million in August, which was the second month of legal adult-use sales.
According to MCA, sales for adult use made up $53 million of the total in August, which is about 58% of the market as a whole. Sales for medical use made up $38.4 million. In July, licensed retailers recorded total sales of $87.4 million, so there were small gains in both market segments.
Maryland was the 20th state in the country to allow sales of marijuana for adult use on July 1, 2023. Medical marijuana businesses like Curaleaf, Columbia Care, Green Thumb Industries, Verano, TerrAscend, Ascend, and Trulieve were among the first to get their facilities ready for the bigger market before it opened. The state is capped at four dispensaries for these and other companies. The states that neighbor it are Delaware, Pennsylvania, Virginia, and West Virginia, but none of those have adult-use sales.
Cannabis Market Boom
Maryland’s first round of cannabis licenses for new businesses will only be given to people who meet certain social justice requirements: Recently, state regulators announced the requirements for these applicants. Those who meet them will be given money from a cannabis business aid fund that the state Legislature set up. Starting in early 2024, these licenses should be given out.
With the opening of stores for adults, Maryland is now on track to become a billion-dollar cannabis market in 2024. It will join eight other states that are expected to pass that 10-figure mark this year, according to sales data from Cannabis Business Times.
Maryland’s licensed stores have sold $420.2 million worth of cannabis goods so far this year (through August). This includes almost $250,000 worth of medical cannabis sales in the first half of 2023.
According to MCA, more than 60% of the retail market in August was made up of dried cannabis flower. Other popular products included concentrates (27%), infused sweets (6.7%), and infused non-edibles (5.7%).
With about 6.2 million people living in Maryland, the state has seen an average of $14.50 in monthly cannabis sales per person since starting its adult-use program. This is about the same as the average for the nine other states that have started adult-use sales since the beginning of 2022).