Maryland sold more than $20 million worth of cannabis products in one week after the inaugural launch of adult-use cannabis sales earlier this month.
Licensed dispensaries made $20.9 million in revenue in the first week of July, following the launch of recreational sales on July 1, according to new data from the Maryland Cannabis Administration, released by The Baltimore Banner.
More than half, $10.4 million, was made during the opening weekend which coincided with the 4th of July celebrations, which saw queues of hopeful consumers stretch through the streets.
The administration has now projected annual revenues to exceed $600 million, although it has determined that as the market stabilizes, more stores open, and competition intensifies, the initial increase in sales is likely to decrease.
This would see the state raise approximately $54 million to cover administration and oversight costs, fund community reinvestment efforts, and distribute the revenue to counties and municipalities.
Verano President Darren Weiss, who ran four dispensaries in Maryland, said, “We often see increased demand after the initial launch of recreational sales, and with sales in Maryland projected to reach $1 billion by 2025. , there is a significant opportunity for cannabis companies and the broader economy to take advantage of this.”
(Business of cannabis del 12/07/2023)
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