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Local News


MARYLAND EXPECTS BILLION-DOLLAR CANNABIS INDUSTRY AFTER WEED SALES SOAR

By Stephon Dingle

Updated on: July 11, 2023 / 9:21 PM / CBS Baltimore

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 * 
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Maryland expects billion-dollar cannabis industry after weed sales soar

BALTIMORE -- Recreational cannabis sales in Maryland are booming since being
legalized on July 1st.

The first week of legalized recreational cannabis in Maryland proved extremely
profitable, with the state's residents spending more than $20.9 million at
dispensaries. This early windfall offers a glimpse of what officials believe
could ultimately become a billion-dollar industry for Maryland.

Within the first seven days, both medical and recreational users have
contributed significantly to sales figures, greatly benefiting local
dispensaries.



"It has definitely boosted our business for certain," Linda Condon, clinical
director at Nature Care Wellness, said. "I looked at a week's worth of data and
I think we had almost 2000 new customers come through in 7 days."

Recreational users accounted for just over half the total revenue, their
purchases contributing more than $10 million in sales. 

This group was taxed at a rate of 9 percent, the proceeds from which are
directed to a fund intended to aid communities previously harmed by cannabis
prohibition.

"That money goes to fund the community investment and repair fund established by
the general assembly," said Andrew Garrison, a representative of the Maryland
Cannabis Administration. "The fund was created to help communities that have
been disproportionately harmed by cannabis prohibition."

Despite the hefty tax, consumers are flocking to take advantage of the newly
legalized substance.

"We're excited we're optimistic, and we're going to keep working with the
industry to make sure that they're going to meet the demand and are doing so
responsibly," Garrison added.



Businesses like Nature Care Wellness in Cecil County continue to accommodate a
steady stream of medical card holders and new recreational users. They, along
with others, hope to see the industry continue to grow and contribute to the
community reinvestment and repair fund, which receives 35 percent of the special
tax revenue.

"I think that's great if they can really put that money to where they can help
the underprivileged populations and get that education out there. It's
phenomenal because it's been such a taboo subject for so long," Condon said.

Looking to the future, officials expect cannabis to become a billion-dollar
industry for Maryland by 2025. Starting in January 2024, the state will begin
issuing licenses to social equity applicants - individuals who live in an area
or have been personally affected by the war on drugs.

   In:
 * Weed Legalization in Maryland

Read More

First published on July 11, 2023 / 5:08 PM

© 2023 CBS Broadcasting Inc. All Rights Reserved.

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