Maryland Governor Wes Moore (D) announced a significant milestone as the state’s total cannabis sales surpassed $1.1 billion during the first year of its adult-use market, according to a report from Tri-State Alert.
The Maryland Cannabis Administration (MCA) revealed that since the launch of adult-use cannabis sales on July 1, 2023, the market has seen robust activity. Adult-use cannabis sales alone totaled over $700 million, while medical cannabis sales reached nearly $400 million.
In a statement, Gov. Moore emphasized the economic impact and broader benefits of the new market: “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. 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.”
MCA Director Will Tilburg expressed pride in the agency’s role in implementing a safe and equitable market: “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.”
According to data from the state Office of the Comptroller, Maryland collected approximately $14.7 million in cannabis taxes during the first quarter of 2024, underscoring the financial benefits for the state.
The successful implementation of Maryland’s adult-use cannabis market has not only driven economic growth but also aimed to foster social equity in the industry. With ongoing developments and contributions from new businesses, Maryland anticipates continued growth and innovation in its cannabis sector.
