Maryland recently made significant progress in its cannabis market as it witnessed robust sales during the first week of retail rollout. According to CBS News, combined medical and adult-use cannabis sales in the state amounted to an impressive $20.9 million. The split between adult-use and medical sales was nearly equal, although medical cannabis sales slightly outpaced adult-use sales.
The high sales figures were largely driven by the July 4 weekend, which accounted for a significant portion of the total sales. Maryland Cannabis Administration data revealed that on July 4 alone, sales reached $10,429,736, with an additional $4,518,377 recorded on July 5. During this weekend period, adult-use sales significantly outperformed medical cannabis sales, with figures of $3,558,947 and $959,430, respectively.
Linda Condon, the clinical director at Nature Care Wellness, shared her experience with CBS News, stating that her business had an influx of almost 2000 new customers within the span of just seven days. This surge in demand reflects the growing acceptance and interest in cannabis products among Maryland residents.
Adult-use cannabis sales in Maryland are subject to a 9% tax, with 35% of the proceeds allocated to the community investment and repair fund established by the general assembly under the state’s legalization law. Andrew Garrison, a representative of the Maryland Cannabis Administration, explained that the purpose of this fund is to support communities that have been disproportionately affected by cannabis prohibition.
Maryland plans to introduce licenses for social equity businesses starting in January. These businesses are defined under the law as enterprises owned by individuals residing in affected areas or those personally impacted by the war on drugs. This initiative aims to promote inclusivity and provide opportunities for those who have historically faced barriers in the cannabis industry.
The successful start of retail cannabis sales in Maryland highlights the strong demand for both medical and adult-use cannabis products. With the upcoming licensing of social equity businesses, the state aims to foster a more equitable and inclusive industry while continuing to support communities affected by cannabis prohibition.
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