March marijuana sales in Maryland narrowly missed breaking the monthly record.
According to data compiled and released by the Maryland Cannabis Administration, there was $95,956,410 worth of marijuana and marijuana products sold legally in March, narrowly missing the previous monthly record of $96,473,978, set in December. Sales for March were roughly $6 million more than February and January (both months saw sales of around $88 million).
Roughly 2/3rds ($64 million) of the total marijuana sales in March were purchased by recreational consumers, with medical marijuana patients purchasing around $32 million worth.
A large majority of the marijuana sold was dried flower, at $58 million, followed by marijuana concentrates at $26 million and infused edibles at $12 million.
Maryland voters legalized marijuana via the initiative process in 2022. The law allows those 21 and older to possess up to 1.5 ounces of marijuana, 12 grams of marijuana concentrates and marijuana edibles infused with up to 750 mg of THC. The first licensed marijuana store opened July 1, 2023.
Under Maryland’s marijuana law marijuana is taxed at 9%, with medical marijuana patients exempt. Localities are not allowed to ban dual outlets that sell medical and recreational marijuana, nor can they establish a city specific tax.
Regulations for the marijuana industry is overseen by the Maryland Cannabis Administration, with the Division of Cannabis Regulation and Enforcement tasked with reviewing, approving and issuing licenses for marijuana businesses.
Earlier this month the Maryland Cannabis Administration (MCA) officially awarded 174 licensed for social equity applicants seeking to operate marijuana businesses.
