Maryland Breaks Monthly Adult-Use Sales Record; On Pace for $1.1 Billion in 2024

The nation’s youngest adult-use cannabis retail market eclipsed yet another monthly sales record in November.

Maryland’s licensed dispensaries sold nearly $56 million in adult-use cannabis last month, surpassing October’s sales total by $861,500, according to the state’s Cannabis Administration (MCA).

Meanwhile, Maryland’s medical sales shank by nearly $1.2 million in November for a monthly combined total of $89.7 million in overall sales—down 2.25% from an August peak of $91.7 million, according to the MCA.

In the first five months since the state commenced adult-use sales on July 1, 2023, licensed dispensaries have reported nearly $270 million in adult-use receipts and nearly $180 million in medical receipts (roughly $450 million combined), a pace that equates to a $1.1 billion annual run rate that is likely for 2024.

Flower sales made up the largest product category with $48.8 million in November, while concentrates ($21 million), infused edibles ($5.3 million), infused non-edibles ($2.9 million) and shake/trim ($542,000) made up the other leading categories, according to MCA. The state also reported $10,500 in plant sales.

These overall sales figures come via the state’s existing medical operators who were granted first-mover advantage to transition service to adult-use customers in July, including the likes of multistate operators Ascend Wellness, Cresco Labs, Curaleaf, Green Thumb, The Cannabist Co., TerrAscend, Trulieve, Verano and others.

In an effort to open the state’s adult-use retail market to new operators, the MCA closed a 30-day application period Dec. 12 and plans to issue up to 179 licenses exclusively for social equity businesses:

• 75 standard dispensaries
• 16 standard growers
• 32 standard processors
• 24 micro growers
• 24 micro processors
• 8 micro dispensaries
  

This will nearly double the 91 retail facilities currently servicing the state’s market, although the MCA has issued cannabis dispensary licenses to 101 entities.

Maryland levies a 9% sales-and-use tax on cannabis receipts at retail.