In a remarkable turn of events, Maryland’s cannabis market has continued its upward trajectory, with sales in September reaching a staggering $90.5 million, just shy of the previous month’s record-breaking $91.7 million, as reported by the state’s Cannabis Administration (MCA). Even more impressive is the fact that September’s daily sales averaged over $3 million, despite having one fewer day than August. A significant portion of these sales, amounting to $54.3 million or 60%, stemmed from adult-use transactions, marking a notable increase from August’s 57.8%.

The momentum generated by Maryland’s cannabis market can be traced back to July 1st when recreational cannabis became legally available in the state. Since then, Maryland residents have collectively spent over $511 million on cannabis products. What’s truly exciting is that the first half of the year primarily focused on medical-only sales, suggesting that the state’s robust monthly average of $90 million in the first three months following adult-use legalization hints at a potentially colossal $1.1-billion market projection for 2024. This positioning aligns Maryland with major national cannabis markets, setting the stage for remarkable growth in the coming years.

But the story doesn’t end here; Maryland’s cannabis industry is on the cusp of even more significant expansion, according to insights from cannabis consulting firm Global Go. Currently, existing medical licensees are limited to operating four dispensaries each, catering to the adult-use market. However, a new licensing round is set to open on November 13, exclusively targeting social equity applicants. This development is expected to more than double the number of cannabis businesses operating in the state, with projections indicating over 175 licenses to be distributed among growers, processors, and dispensaries. The application phase for these coveted licenses will conclude on December 12, culminating in a region-based lottery scheduled for January 1, 2024.

For Cannapreneurs and cannabis enthusiasts in the Maryland area eager to dive into this burgeoning market, mark your calendars for October 10th. On this date, GCT’s partner, Global Cannabis Connect, will present the Maryland Edition, an exclusive happy hour networking event in Baltimore tailored specifically for cannabis entrepreneurs, enthusiasts, and professionals. This event promises valuable insights, connections, and opportunities in Maryland’s thriving cannabis landscape.

Source: Global Cannabis Times

EXPLORE MORE NEWS

Major Corporations Investing in Cannabis

As cannabis legalization continues to spread across the country, major corporations are increasingly taking notice and investing in the industry. In April of 2023, a major beverage company announced a $100 million investment in a cannabis-infused drink startup, signaling the growing trend of large corporations entering the cannabis space.

The Significance of Medical Cannabis in Shifting Public Attitudes

New Frontier Data recently unveiled the first part of their report titled “Cannabis Consumers in America 2023: An Overview of Consumers Today.” This comprehensive study delves into the preferences, behaviors, and beliefs of over 4,300 adult cannabis consumers, as well as the perspectives of more than 1,100 non-consumers regarding potential cannabis use and their opinions about the plant.

Cultivating Sustainability: Harnessing Solar Power for a Greener Cannabis Industry

In the quest for sustainability, the cannabis industry has emerged as an unlikely candidate for the adoption of solar power solutions. The cannabis cultivation sector, driven primarily by indoor growing facilities, has historically been associated with high energy consumption and significant carbon footprints. However, as the industry matures and faces mounting pressure to reduce its environmental impact, solar power is increasingly being recognized as a game-changer in the pursuit of greener, more sustainable cannabis production.

National CBD Day: Exploring the Evolution, Science, and Celebration of CBD

In the dynamic world of wellness and natural health, National CBD Day, observed annually on August 8th in the United States, has gained prominence as a day of reflection and appreciation for the journey and significance of cannabidiol (CBD). This compound, derived from the cannabis plant, has transcended its mysterious origins to become a symbol of holistic well-being and a catalyst for widespread conversations about alternative remedies. This comprehensive blog post delves deeper into the history, science, and multifaceted ways of celebrating National CBD Day.

Newsletter