Adult-use cannabis sales in Maryland have launched successfully, making it one of the faster rollouts among those states in the U.S. where legalization has taken place.
Out of roughly 100 existing medical cannabis dispensaries in the state, 94 transitioned to adult-use retail outlets for the inaugural day on Saturday, July 1. These 94 stores accounted for nearly $3.6 million in adult-use and over $900,000 in medical sales that day, as reported by the Maryland Cannabis Administration (MCA).
Over the span of the three-day weekend, licensed retailers in Maryland sold in excess of $10.4 million worth of cannabis—encompassing both adult-use and medical markets—with around 70% of sales stemming from Saturday and Sunday’s adult-use transactions. This contrasts with approximately $4 million in medical-only sales from the three-day weekend leading into the 2022 American holiday.
This robust sales initiation occurs as numerous of the world’s biggest publicly traded cannabis companies operate several dispensaries in Maryland, including Ascend Wellness, Columbia Care, Curaleaf, Green Thumb Industries, TerrAscend, Trulieve, and Verano.
Operators such as Ascend Wellness and TerrAscend only recently started acquiring retail outlets in anticipation of the adult-use launch, with the state limiting the number of dispensaries to four per licensee. Ascend purchased four stores in late April from Devi Holdings Inc. and rebranded them in advance of the adult-use launch.
“Saturday represents a significant day in Maryland, and Ascend is elated to participate by initiating adult-use sales across our four dispensary locations,” stated Vince Bozman, Ascend’s regional retail vice president, before the launch. “We are eager to serve all of Maryland’s cannabis users and further solidify our relationships within each community.”
Beyond the 94 retailers, there are 42 licensed growers and processors as of July 1 in Maryland, permitted to cultivate and produce cannabis for adult-use customers, per the MCA. For instance, Columbia Care operates over 50,000 square feet of cultivation and production area in Frederick.
“The commencement of adult-use sales in Maryland is an incredibly significant event for our clients and for the industry in general,” commented Jesse Channon, Columbia Care’s chief growth officer. “We continue to see several states responding promptly to ballot initiatives nationwide and working tirelessly to establish a broader, safer, and more inclusive cannabis market with the introduction of adult-use sales. This quick response, and inclusion of existing operators who understand the landscape, demonstrates a commitment from state leaders to help connect the power of the cannabis plant to those who need and desire it.”
With 6.2 million inhabitants—and the speedy implementation of an adult-use program following the approval of a constitutional amendment in November—Maryland has emerged as one of the most appealing East Coast markets for businesses to enlarge their presence and seize opportunities.
Maryland not only borders Delaware, Pennsylvania, Virginia, and West Virginia—none of which have adult-use cannabis sales—but its regulations have given residents and adult tourists expedient and widespread access to regulated and tested products. Although Delaware and Virginia have legalized adult-use cannabis, they have not yet initiated commercial retail programs.
Contrastingly, in New York, which began adult-use sales in December, only 11 licensed stores have opened in the first six months with existing medical operators temporarily excluded from the market. This method resulted in approximately $16.5 million in total adult-use sales during the first four months of the program.
It’s anticipated that Maryland’s adult-use sales will surpass that figure in the first week. With forecasts of $600 million in adult-use sales for the initial 12 months, as outlined by the Washington Post, Maryland might become a top-10 market among the 20 states to initiate adult-use sales thus far in the U.S.
Prior to the launch of adult-use sales, Maryland boasted one of the most potent medical cannabis programs in the nation with over 163,000 certified patients. In 2022, Maryland’s medical cannabis dispensaries sold over $510 million worth of cannabis, averaging $42.5 million per month in sales, according to the state’s Medical Cannabis Commission.
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