In the November 2022 election, two-thirds of voters supported a statewide referendum to legalize recreational marijuana. And last May, Gov. Wes Moore (D) signed Maryland’s cannabis reform bill into law, paving the way for recreational sales beginning July 1, 2023.
Now, a year later, state officials say they are starting to see what the Cannabis Reform Act had set out to accomplish – equity and economic growth. According to an online dashboard published by the Maryland Cannabis Administration, market sales of adult-use cannabis have exceeded $309 million, which in turn has brought in millions of dollars in tax revenue.
“The growing cannabis industry holds immense potential for economic growth for Maryland.” Comptroller Brooke Lierman said in a news release last week. “Reinvesting the revenue from adult-use cannabis sales into communities that were damaged by misguided policies allows us to further create a more equitable, resilient, and prosperous future for all Marylanders.”
Adult-use cannabis and cannabis products are taxed at a rate of 9%, with revenues distributed into several funds as required by the Cannabis Reform Act. Last week’s quarterly report on adult-use cannabis sales showed that the state of Maryland collected $14.6 million between January and March, representing a slight increase from the previous quarter.