Maryland is making history again with a groundbreaking record in another month of adult-use legal marijuana sales. In just its second month of legalization, Maryland Marijuana Retailers have sold a record-breaking $92 million in products, continuing the state’s meteoric rise in cannabis popularity. What started as a small but impactful change in policy has quickly established itself as a major player in the legal marijuana industry, potentially serving as a model for other states to follow.
1. Record-Setting Cannabis Sales in Maryland
The cannabis industry in Maryland is booming, propelled by unprecedented sales of medical marijuana. The switch from medical-only to adult-use has initiated a surge in demand throughout the state, smashing records for cannabis sales. Injury figures are lightening the state’s revenue coffers and paving the way for further economic development.
The Maryland Medical Cannabis Commission reports that total adult-use and medical marijuana sales amounted to a staggering $87 million during January 2021. This was a staggering increase of 63% from December 2020 sales, showing a tremendous return on the state’s commitment to the industry. Excellent customer service and an easily accessible online marketplace have also seen the MMCC take the number one spot for cannabis sales in the US.
- Prior to this 11-month period, the state had only achieved total sales of $243.7 million.
- The MMCC is estimated to have earned revenue of $43.9 million in tax alone, of which $14.7 million will be reinvested into Maryland’s general fund.
- With the Maryland cannabis market maturing, figures are expected to carry on rising in the secondhalf of 2021.
2. Maryland Cannabis Retailers Thriving
The green revolution continues to pick up the pace in Maryland. Everyone seems to be catching on to the ever-growing trend of cannabis consumption and dispensaries are popping up in cities and towns all throughout the state.
Marijuana Shops Keep Opening
It’s a hot commodity that’s quickly becoming more mainstream. With the number of retail stores quickly increasing, now is the perfect time to take a look at the thriving marijuana market in Maryland. With more and more legal dispensaries emerging, cannabis enthusiasts can quickly purchase reliable, high quality products with ease.
Maryland Cannabis Dispensary Regulations
It’s not just the number of shops that are changing either – regulations are becoming more relaxed as well. In most Maryland towns, new dispensaries are subject to more lenient rules than other businesses. Plus, state leaders are continuing to push for reduced taxes on cannabis products in order to support the budding industry.
Though it’s still a relatively new market, it’s exciting to witness the growth of these businesses and see more access to quality products. With more lenient regulations and the opening of countless marijuana shops, the future of cannabis in Maryland looks brighter than ever.
3. Unprecedented Success Since Legalization
Since the legalization of cannabis across numerous locales, the market has experienced far-reaching growth and success. Now retailing in more than one hundred different locations worldwide, the cannabis industry has never been bigger or more successful.
- Tax benefits: All legal pot purchases are subject to tax benefits, driving state revenues sky-high. In California, for example, taxes on legal cannabis are predicted to hit $1 billion in 2018.
- Innovation: More businesses are investing in research and development for cannabis-focused product designs. Labs are also undergoing certification for quality assurance purposes and biologists are building free databases of cannabis strains.
In addition, businesses are investing in new technologies and tools like blockchain that could pave the way for greater product traceability. Even traditional businesses are taking advantage of the lucrative industry. For example, Microsoft is working on cloud-based solutions for cannabis retailers.
4. More to Come for Maryland’s Cannabis Market?
As Maryland’s recreational cannabis market draws closer, many wonder what the future holds for the state’s consumers and cannabis-related businesses. Since its passage of legalization in 2019, the state of Maryland has laid a solid regulatory framework that provides for a vastly improved cannabis industry compared to what existed pre-legalization. Despite this positive development, there is still room for growth.
- More Business Opportunities: State officials are working on establishing rules on creating more access points to the cannabis industry for prospective business owners. This should bring fresh life to the sector and create new opportunities to increase revenue.
- Product and Pricing Variety: Most states with recreational cannabis are experimenting on ways to expand their product offering by providing a more diverse range of cannabis products. This is expected to influence Maryland’s market, where hundreds of different varieties of cannabis will be available for sale. Prices are also anticipated to vary more in the months ahead.
With many exciting features coming, it looks like there’s plenty more to come for Maryland’s cannabis market!
With the record amount of marijuana sold in the state of Maryland in January, it is clear that legalized cannabis is quickly becoming a common part of Maryland culture. With more and more cannabis products on the market, Marylanders continue to enjoy the convenience and ease of legal cannabis sales. As the industry continues to expand and evolve, the economic potential of cannabis legalization in Maryland is immense. Only time will tell what the future of legal marijuana looks like in the Maryland, and the allow the state to realize its full potential.