Maryland’s Cannabis Retailers Post $90.5 Million in September Sales

Maryland’s cannabis dispensaries narrowly missed a record sales month for September, but its average daily totals were still ahead of the curve last month.

In its third full month since launching an adult-use retail program, licensed Maryland cannabis operators rung up nearly $90.5 million in cannabis sales for September, coming just shy of the $91.7 million in sales from August, according to the state’s Cannabis Administration (MCA).

But with August including one more day than September, the latter month still produced a greater daily average of more than $3 million in cannabis sales.

Notably, adult-use transactions accounted for nearly $54.3 million in sales last month, or 60% of the overall market. The previous month, adult-use cannabis accounted for 57.8% of the total retail market.

So far this year, Marylanders have purchased more than $511 million in cannabis from licensed retailers, despite the first half of the year being limited to medical-only sales. But averaging nearly $90 million per month in the first three months since adult-use sales began, the state is currently showing signs of a $1.1-billion market for 2024.

The 10-figure benchmark would put Maryland in the same category as some of the biggest markets in the nation.

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However, the opportunity in 2024 could include additional growth from new operators. Currently, the state’s existing medical licensees are serving the adult-use market and are limited to a four-dispensary cap per company.

Maryland’s first round of cannabis licensing for new market entrants will be available exclusively to social equity applicants with the application period set to open Nov. 13. This round is forecasted to include more than 175 standard and micro cannabis grower, processor and dispensary licenses.

“This application round will more than double the number of cannabis businesses in the state,” MCA Director Will Tilburg said in a public statement last month.

The application period will remain open until Dec. 12, with all applicants who meet requirements for licensure, as set forth by the MCA, being entered into random lottery drawings based on county and region. State law requires this lottery to be held by Jan. 1, 2024.