Maryland collected over $22.3 million in tax revenue from recreational cannabis sales this spring, marking an increase of more than 52% over the previous quarter, according to the state comptroller’s office.
The bump comes as adult-use cannabis sales steadily increase following the legalization of the recreational market in July 2023. The state’s legal pot industry, including recreational and medical marijuana sales, hit $1.1 billion in sales within the first year of the adult-use market. Since then, licensed dispensaries recorded about $198.5 million more in sales in July and August of this year, according to Maryland Cannabis Administration data.
Recreational sales, which now make up almost three-quarters of all dispensary purchases and are subject to a 9% sales tax, have led to about $63.7 million in total revenue for the state in their first year, according to figures from the comptroller’s quarterly reports.
Comptroller Brooke Lierman said in a statement that the state’s legal cannabis industry “continues to grow” in Maryland and “has shown capacity to create new jobs, new investment, and new opportunities, particularly for areas that are marginalized and left behind by a changing economy.”
Source: https://www.baltimoresun.com/2024/09/25/cannabis-revenue-up/
