Maryland’s combined cannabis sales hit $21 million in first week of adult use

Maryland marijuana retailers sold nearly $21 million in medical and recreational cannabis products combined in the state’s first week of adult-use sales.

“The opening weekend was about $10 million, and $5 million of that was on the first day alone,” Andrew Garrison, the chief of policy and government affairs for the Maryland Cannabis Administration, told Salisbury TV station WMDT.

“That’s pretty consistent with what we see in other states.”

The 2023 MJBiz Factbook forecasts that recreational cannabis sales in Maryland could reach $275 million this year and $2.1 billion by 2027.

Marylanders voted to legalize recreational cannabis last November.

Lawmakers then raced to pass adult-use implementation regulations by July 1, when legislation would take effect.

Meanwhile, the state’s Department of Commerce is inviting social equity licensees to apply for funding through its Cannabis Business Assistance Fund.

To qualify, applicants must have been preapproved for a license before Oct. 1, 2022, and not have launched operations by Aug. 1, 2023.

“By focusing this round of funding on social equity applicants, we can ensure investments go towards businesses in communities that have been historically overlooked, and ultimately provide new opportunities for residents throughout Maryland,” Gov. Wes Moore said in a statement.

Source: https://mjbizdaily.com/marylands-combined-cannabis-sales-hit-21-million-in-first-week-of-adult-use/