Maryland legalized recreational cannabis on July 1, 2023. In the first few months of legalization, the state has seen significant revenue from cannabis sales.
According to the Maryland Department of Revenue, the state collected over $54 million in cannabis tax revenue in the first six months of legalization. This includes a 6% excise tax on retail sales and a 3% wholesale tax.
The average monthly revenue from cannabis tax in Maryland is over $9 million. This is more than double the state’s initial estimate of $4 million per month.
The revenue from cannabis sales is being used to fund a variety of programs, including:
- Cannabis Public Health Fund: This fund will be used to support research on the health effects of cannabis, as well as education and prevention programs.
- Cannabis Business Assistance Fund: This fund will provide financial assistance to small businesses in the cannabis industry.
- Community Reinvestment and Repair Fund: This fund will be used to repair and improve infrastructure in communities that have been disproportionately harmed by the war on drugs.
The revenue from cannabis sales is also being used to offset the costs of regulating the cannabis industry. The state estimates that it will cost about $30 million per year to regulate the industry.
The legalization of cannabis in Maryland has been a success so far. The state has seen significant revenue from cannabis sales, and the money is being used to fund important programs.
What’s Next for Cannabis in Maryland?
The legalization of recreational cannabis in Maryland is still a relatively new development. The state is still working to implement the new laws and regulations.
In the coming months and years, we can expect to see more growth in the cannabis industry in Maryland. The state is expected to issue more licenses to cannabis businesses, and we can expect to see more dispensaries and other cannabis businesses opening up.
We can also expect to see more research on the health effects of cannabis. The Cannabis Public Health Fund will be used to support research on the short-term and long-term effects of cannabis use. This research will help to inform public policy decisions about cannabis.
The legalization of cannabis in Maryland is a positive development for the state. It is generating revenue that can be used to fund important programs, and it is creating jobs. The cannabis industry is still in its early stages in Maryland, but we can expect to see continued growth in the years to come.
