Maryland Cannabis Sales Top $20M During First Week

During the first week of sales after the July 1 launch of Maryland’s adult-use cannabis market, dispensaries in the state sold nearly $21 million worth of product.

Full story after the jump.

Combined medical and adult-use cannabis sales in Maryland totaled $20.9 million during the first week of retail sales, CBS News reports. The split between adult-use and medical sales was nearly even, but medical cannabis sales were slightly higher, the report says.  

The bulk of the sales were realized during the July 4 weekend. According to Maryland Cannabis Administration data, total medical and adult-use sales totaled $10,429,736 on July 4 and $4,518, 377 on July 5. During the weekend, adult-use sales far outpaced medical cannabis sales at $3,558,947 and $959,430, respectively.  

Linda Condon, clinical director at Nature Care Wellness, told CBS News that the business had “almost 2000 new customers come through in 7 days.” 

Adult-use cannabis sales in Maryland are taxed at 9%. Thirty-five percent of the proceeds are used for the community investment and repair fund established by the general assembly in the legalization law.  

Andrew Garrison, a representative of the Maryland Cannabis Administration told CBS News that the fund is meant “to help communities that have been disproportionately harmed by cannabis prohibition.” 

In January, the state expects to begin licensing social equity businesses, which are defined under the law as businesses owned by individuals who live in an area or have been personally affected by the war on drugs. 

Get daily cannabis business news updates. Subscribe

Have an additional perspective to share? Send us a message to let us know, and if your comment is chosen by our editors it could be featured here.

End


Latest Cannabis News

View all news Get email updates

Create a profile View all categories

From Our Partners