Maryland's adult-use cannabis sales are rapidly gaining momentum, making it one of the fastest rollouts among its legalization counterparts in the U.S.
On opening day, July 1st, almost all of Maryland's medical cannabis dispensaries made the switch to also sell cannabis for adult use. Out of the approximately 100 existing dispensaries, 94 of them generated an impressive total of nearly $3.6 million in adult-use sales and over $900,000 in medical sales. This information comes from the Maryland Cannabis Administration (MCA).
Maryland's cannabis sales skyrocketed over the two-day weekend, with licensed retailers raking in a whopping $10.4 million. Sales on Sunday alone reached an impressive $5.9 million. In comparison, the previous weekend leading up to Independence Day saw medical-only sales of around $4 million.
The world's top cannabis companies like Ascend Wellness, Columbia Care, Curaleaf, Green Thumb Industries, TerrAscend, Trulieve, and Verano are seeing a successful start to their sales in Maryland, with multiple dispensaries in operation.
Maryland has a thriving cannabis industry, with 94 retailers that are able to sell for medical and recreational use and 42 licensed growers and processors. This means there's a wide selection of products available for adult-use consumers. One major player in the industry is Columbia Care, which operates a massive cultivation and production space in Frederick, spanning over 50,000 square feet.
Columbia Care’s chief growth officer, Jesse Channon said, "The start of adult-use sales in Maryland is a truly momentous occasion for our customers and for the industry as a whole."
Maryland's growing population of 6.2 million residents and the successful implementation of an adult-use program after voter approval in November has made it a highly desirable market for cannabis companies to expand and thrive on the East Coast.
Maryland stands out as a cannabis-friendly state, bordering Delaware, Pennsylvania, Virginia, and West Virginia - all of which lack adult-use cannabis sales. Thanks to well-designed regulations, Maryland ensures easy access to regulated and tested cannabis products for both residents and adult tourists. Although Delaware and Virginia have legalized adult-use cannabis, they are yet to kickstart commercial retail programs.
Maryland's robust medical cannabis program sets the stage for successful adult-use sales. With over 163,000 certified patients, the state's dispensaries have already achieved impressive sales. In 2022 alone, they generated over $510 million, averaging an impressive $42.5 million per month. These figures, reported by the state's Medical Cannabis Commission, demonstrate Maryland's potential as a thriving cannabis market.
Maryland's adult-use cannabis market is off to an incredible start, solidifying its position as one of the fastest and most successful rollouts among states that have legalized recreational cannabis. With nearly all of the existing medical dispensaries transitioning to also sell adult-use cannabis, the sales numbers have been remarkable. According to the Maryland Cannabis Administration, the opening day generated almost $3.6 million in adult-use sales and over $900,000 in medical sales across 94 dispensaries. Over the weekend, sales soared to a staggering $10.4 million, with Sunday alone accounting for $5.9 million. Major cannabis companies like Ascend Wellness, Columbia Care, Curaleaf, Green Thumb Industries, TerrAscend, Trulieve, and Verano are capitalizing on this thriving market. With a population of 6.2 million residents and a well-regulated industry, Maryland's cannabis market shows immense promise for continued growth and success on the East Coast.