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


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.

California Legislation Aims to Revolutionize Marijuana Plant Tracking for Environmental Sustainability

In a significant move towards enhancing environmental sustainability and reducing plastic waste, the California legislature has passed a bill that will revolutionize the way marijuana plants are tracked within the state. Proposed by Senator Ben Allen, this legislation has garnered unanimous support in both chambers, with the Senate recently endorsing it in a final concurrence vote.

Here is a map of all the cannabis stores in New Jersey 2023

The state of New Jersey has always been at the forefront of progressive changes, and with the legalization of recreational cannabis, it has taken another step towards pioneering new paths. As the Garden State embraces a budding industry, it is crucial for residents and entrepreneurs alike to understand the cannabis shop landscape in New Jersey.

A Historic Cannabis Banking Bill Advances to the Senate Floor

In a groundbreaking move, the Senate Banking Committee has approved the Secure and Fair Enforcement Regulation (SAFER) Banking Act, which seeks to bridge the gap between financial institutions and cannabis companies. This legislation, designed to end the cash-only transactions plaguing the industry, is now headed to the Senate floor after years of committee revisions and discussions.