Maryland's Booming Cannabis Market Top’s $90MM in its Second Month!
On July 1, 2023, a historic moment arrived for Maryland as recreational cannabis was legalized. Since then, the state has witnessed a remarkable evolution in its cannabis industry with the State’s August sales surpassing $91.7 million. This impressive figure marked a notable increase compared to the $87.4 million recorded in July when adult-use legalization first took effect. During the month of August, the top-selling categories in Maryland's cannabis market were flower and concentrate, generating an impressive $55.1 million and $24.7 million in sales, respectively. While these categories dominated, infused edibles emerged as the third-highest category, albeit with a noticeable drop, contributing $6.2 million in revenue. These figures not only underscore the growing demand for recreational cannabis, but also the diverse range of products sought by Maryland consumers.
Since the beginning of the year, licensed growers in Maryland have collectively sold over 50,000 pounds of flower weight. One of the most striking aspects of Maryland's cannabis market is the significant increase in wholesale cannabis prices. Between August 2022 and August 2023, prices surged by over 40%, far exceeding the next-highest increase of 29% in any other state. This price trend is indicative of the competitive and lucrative nature of the industry in Maryland for all sections of the cannabis vertical.
Maryland's still nascent journey into the world of legalized recreational cannabis has been marked by significant milestones and impressive growth. With surging sales, rising prices, and a diverse product market, the state's cannabis industry continues to flourish, benefiting both businesses and consumers alike. Beginning earlier this month on September 8th, the state opened its Social Equity certification portal, which will remain open for 60 days until November 7th, 2023. Applicants will be able to apply for the first round of cannabis licenses for adult-use in Maryland, including standard licensing and microbusiness (restricted scale) licenses. It is important to note that those looking to apply do not need real estate property initially to get the license, but rather just a True Party of Interest agreement in place. Please contact us at Global Go to learn more information and to see if a Round One Maryland Adult-Use Cannabis License is the right investment for you!