Maryland’s Cannabis Market Takes Off: First-Month Adult-Use Sales Approach $85 Million Milestone
Maryland’s cannabis industry is off to a booming start, with adult-use sales in the first month reaching an impressive $85 million!
According to data from the Maryland Cannabis Administration (MCA), flower sales made up the majority of this figure, totaling over $51.1 million. This significant revenue highlights the growing demand and enthusiasm for legalized cannabis in the state.
Sales in the concentrate category soared above $22.1 million, making it the top performer. Infused edibles came in second with impressive revenues of over $6.3 million, closely followed by infused non-edibles at more than $4.8 million.
Shake and trim also made a significant contribution to the market, generating sales of $554,104, while plants accounted for $3,535 in revenue. These numbers clearly reflect the strong demand and profitability of these products in the industry.
In an interview with Forbes, Ben Burstein, a strategist at wholesale cannabis marketplace LeafLink, said that the sales figures put the state on track to see between $700 million and $800 million annually in cannabis sales.
If the sales meet those totals, Burstein said it would make Maryland “one of the top-performing markets this year.”
In a promising development, the MCA has successfully converted the licenses of 95 medical cannabis dispensaries, enabling them to cater to adult-use cannabis customers. This significant step demonstrates the agency’s commitment to meeting the evolving demands of consumers.
Furthermore, state regulators have also granted licenses to 42 cannabis cultivators and manufacturers for the production of high-quality adult-use cannabis products. This expansion in both retail and production sectors exemplifies the industry’s potential for growth and profitability.
According to data from trusted sources like the MCA and METRC, licensed cannabis retailers experienced a significant increase in sales during the month of July. The report reveals that sales of both adult-use cannabis and medical cannabis reached an impressive $84.95 million within that timeframe.
This is a substantial rise compared to last year’s medical cannabis sales, which amounted to just over $43 million in July. These statistics clearly demonstrate the growing demand and profitability of the cannabis industry.
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