Maryland’s first three months of adult-only cannabis sales generated more than $12,000,000 in tax revenue.
The Maryland Cannabis Administration (MCA) released figures this week detailing revenues for the third quarter, which ran from July to September. According to the Maryland Cannabis Administration, sales of recreational marijuana in that time period totaled approximately $158.5 million.
The state Community Reinvestment and Repair Fund will receive 35 percent of the tax revenues, or approximately $4.3 million. This fund is designed to assist communities that have been disproportionately affected by the marijuana prohibition.
According to the report, three more disbursements totaling just under $600,000 will be made to local governments, a cannabis public health fund for the state, and a cannabis business assistance fund.
A further $6 million is expected to be deposited in the general fund of the state.
The Office of the Comptroller will continue to release quarterly reports on the tax revenue generated from cannabis sales in the state that will be available at https://t.co/7v7Nl3R96m
— Comptroller for Maryland (@MDComptroller). December 20th, 2023
Nearly 45 percent of Maryland’s quarterly tax revenue came from marijuana sales in the central region which includes Baltimore.
In a statement that was released along with the tax revenue figures, state officials praised the increased revenue.
Gov. Wes Moore, (D), said that the “strong revenue” thus far “reflects the strength of Maryland’s newly-formed adult recreational cannabis industry.” He added that the money was “critical” for supporting social equity and growth in the economy which were “central” to the values of his administration.
The governor stated that “we’ll continue working in partnership to promote fairness, inclusion, and accountability across Maryland’s marijuana industry.”
Comptroller Brooke E. Lierman, (D), pledged to continue sharing data from the industry.
She said, “Transparency plays a key role in earning and maintaining public trust. My Office is committed to help Marylanders understand how much money this new sector of the economy generates in taxes.” We look forward to sharing quarterly information with the public, tracking the development of the adult-use marijuana industry in Maryland and positioning our state towards a prosperous future.
Last month, as the state’s new legal marijuana market continued to grow, regulators opened the initial round of applications for adult-use dispensary, processing and cultivation licenses, which were exclusively reserved for social equity businesses.
The licensing round that closed on Tuesday includes 75 dispensary licenses, 16 grower licenses, and 32 processor licences. This will ultimately more than double the legal number of retailers in the State. Only existing medical marijuana dispensaries with dual licenses currently serve adult consumers.
There are limits on the number licenses per region. For example, there can only be 11 licenses for standard dispensaries in Baltimore City compared to just one in Worcester.
MCA launched an online portal in September to allow people to check their qualification for a Social Equity Marijuana Business License.
MCA released guidance in October to help minimize the risk for burglaries and other criminal activity at licensed cannabis businesses, amid an increase they claimed of thefts from dispensaries throughout the state.
A Maryland tax official stated earlier this year that to avoid clearly identifying the marijuana tax revenue on financial documents, the state needed to find a workaround with Wells Fargo. Prohibitionists then asked a federal prosecutor to investigate .
In July , a separate Maryland law went into effect that prohibits police from searching based solely on the smell or possession of marijuana. Another law was passed that prohibits state officials from interpreting the legal and responsible use by parents and guardians of cannabis as “child neglect.”
Republican lawmakers are aiming to repeal the law prohibiting police from stopping and searching people or vehicles based on a smell of marijuana. They claim that the measure puts motorists in danger and takes away a tool important to law enforcement for seizing people’s guns.
DeSantis suggests Florida’s medical marijuana law is used as a ‘pretext’ for recreational use
The first time Marijuana Moment published the article Maryland Collects Over $12 Million in Legal Marijuana Sales Taxes during First Quarter of Legal Sales.
