In September, licensed cannabis retailers in Maryland sold marijuana products worth more than $90.7million. The majority of this was due to record-high sales of adult-use marijuana. The medical cannabis market has seen a slight drop in sales since the adult-use stores opened in July.
Since the launch of the legal market, adult-use sales have been breaking records every month. In September, this number rose to $54.3 millions from $53.0 in August and $51.3 in July. The medical marijuana sales were $36.5 million, their second-lowest amount of the year behind only July.
Both markets combined have also achieved monthly sales record for edibles, vape and infused products.
States usually see a decline in the medical marijuana market following the launch adult-use markets. This is because a certain subset of patients choose to buy adult-use products due to availability, cost or convenience. Adult-use marijuana sales are typically growing as new markets mature, and more licensed businesses allow all adults over 21 to enter their stores without needing to consult a doctor first.
As more social equity applicants enter into the market, we can expect to see a rise in business. Officials announced last month a technical support program for marijuana social equity applicants in preparation for the November business licensing round. Maryland Cannabis Administration is granting licenses to 179 marijuana businesses, including 75 dispensaries and 16 growers.
This will double the number in the state where only the existing medical marijuana dispensaries with dual licenses currently serve adult consumers.
Before accepting applications, regulators have launched a online portal that allows people to check if they are eligible for a social equality marijuana business license.
Equity applicants are those who have owned at least 65 percent of their business by individuals who have lived in an “disproportionately affected area” (or designated “distributed impact area”) for a minimum five years of the past ten. The applicant must have also attended a Maryland four-year school or a Maryland public high school for at least 5 years.
Maryland Department of Commerce announced last month it had set eligibility requirements to the next round of their Social Equity License Applicant Assistance Reimbursement Program. The grant money can be used to pay for accountants, lawyers and other technical assistance providers. However, the Maryland Department of Commerce encourages people to use free resources first before applying for funding.
In July, DOC began accepting grant applications from applicants for social equity who have been pre-approved.
The same fund has also accepted applications from existing medical marijuana businesses to convert them into dual-licensees, able to serve the adult market.
In August, a Maryland official of taxation said that that the state had found a creative way to work around Wells Fargo to avoid clearly identifying the marijuana tax revenue in financial forms. Prohibitionists then asked a federal prosecutor to investigate this policy.
In July , a separate Maryland law went into effect that prohibits police officers from searching based solely on the smell or possession of marijuana. A new law prohibits state officials from construing the responsible and lawful use of cannabis by parents as “neglect” by children.
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