Maryland collected more than $22.3 million in tax revenue from recreational marijuana sales this spring, an increase of more than 52% from the previous quarter, according to the state Comptroller's Office.
The surge comes as adult-use cannabis sales have steadily increased following the legalization of the recreational market in July 2023. The state's legal cannabis industry, which includes recreational and medical marijuana sales, reached $1.1 billion in sales within a year of the adult-use market's launch. . Since then, licensed dispensaries have posted about $198.5 million in sales in July and August of this year, according to data from the Maryland Cannabis Board.
Recreational sales now account for nearly three-quarters of all dispensary purchases and are subject to a 9% sales tax, according to figures from the Auditor General's quarterly report. The state's total revenue amounted to approximately $63.7 million. .
Comptroller Brooke Lierman said in a statement that Maryland's legal cannabis industry “continues to grow” and “creates new jobs and new investment, especially for communities that have been marginalized and left behind by economic changes.” , demonstrating an ability to create new opportunities.” ”
The Comptroller's Office's latest report shows that approximately $7.8 million in state cannabis revenue from the second quarter of 2024 will go to a state fund intended to reinvest in communities hit hard by cannabis prohibition. It has also been pointed out that it will be donated. That big buck, the Community Reinvestment and Repair Fund, has made $21.3 million in profits since July 2023.
Audrey Johnson, director of the state's Office of Cannabis and Social Equity, said in a statement that the revenue numbers “underscore the potential for Maryland's cannabis industry to drive economic growth while prioritizing equity.” ” he said.
Most of the current sales come from dispensaries that previously had licenses to sell medical marijuana, but the state issued more than 200 additional licenses this year through a “social equity” lottery. These awardees must begin operations within 18 months of receiving their license.
First published: September 25, 2024 at 2:29 p.m.
