Maryland’s cannabis market is ablaze, with consumers demonstrating an insatiable appetite for the newly legalized adult-use plant. A staggering 44 tons of cannabis flower, equivalent to approximately 88,000 pounds, has been consumed by Maryland residents in just the first six months of 2024.
This voracious consumption has fueled a booming industry, generating a substantial $377 million in adult-use sales alone during this period. An additional $180.2 million was generated in medical sales, but the medical market continues to be dwarfed by the new adult-use market.
This insane amount of bud consumed comes on the heels of Gov. Wes Moore announcing $1.1 billion in total market sales in the first year of adult legalization in Maryland. In June alone, retail sales topped $95 million, with adult-use purchases accounting for a substantial $67 million. Since recreational cannabis sales began on July 1, 2023, the state has generated over $700 million in adult-use revenue and nearly $400 million in medical sales.
To put the amount of cannabis bud smoked in just the last six months into perspective, consider that 44 tons is roughly the weight of four and a half school buses. There was a total market record of $19 million in sales of just vapes in June.
This massive amount of cannabis consumed in such a short timeframe underscores the rapid growth and popularity of Maryland’s adult-use cannabis market, according to the Maryland Cannabis Administration dashboard.
“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,” Gov. Moore said in a July press release.
While these numbers paint a picture of a thriving industry, it’s important to note that this is just the beginning. As the market matures and consumer preferences evolve, it is likely that we will see even more dramatic growth in the coming years. However, with this rapid expansion comes a host of challenges, including the need for robust regulations, infrastructure development, and social equity initiatives to ensure that the benefits of legalization are shared equitably across the state.
“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,” MCA director Will Tilburg said.
Over $40 million in fees from licensed cannabis businesses has been collected to support the Community Reinvestment and Repair Fund, benefiting communities disproportionately impacted by cannabis criminalization. Maryland also established the Office of Social Equity to promote economic opportunities within the industry. This initiative has garnered significant public support, with 74% of over 1,250 respondents strongly supporting the reinvestment of cannabis tax revenue into these communities.
However, the only companies benefiting from the high sales revenue are previously established dispensaries that expanded to the adult-use market last year. There are currently just 96 dispensaries in the state.
MCA held two social equity lotteries this year that awarded 204 new licenses. Those businesses have 18 months to open their doors. Meanwhile, the Maryland market continues full steam ahead.
