Mocobizscene- Cannabis sales in Maryland have been on a consistent rise, setting new records month after month ever since the state legalized recreational use six months ago. In just one year, the Maryland Cannabis Administration reports that the state has generated a staggering $700 million in revenue from cannabis sales.
Medical use sales skyrocketed by over $200 million in just five months. In just a short period of time, the sales for adult use skyrocketed from just a few hundred dollars to an impressive figure of over $270 million.
SunMed Growers, located in Cecil County, has experienced a significant boost in sales following the legalization of cannabis. Since its establishment in 2018, the company has invested a staggering $100 million in developing its facility and 60-acre farm. As a result, their sales have doubled, highlighting the immense potential and profitability of the cannabis industry.
According to SunMed President Jake Van Wingerden, the sales will now enable them to pay off their accumulated debt and boost staff salaries.
According to Van Wingerden, the legalization of cannabis has had a positive impact on their business. He mentioned, “Once legalization happened, we were able to stabilize, and many of our projections came true.” As a result, SunMed was able to provide a significant wage increase of $5 per hour to all of their employees. Van Wingerden expressed their excitement about being able to reinvest in their team and prioritize the well-being of their staff.
Communities across the state are benefitting from a portion of the revenue generated by marijuana sales. In the realm of recreational marijuana sales, customers are required to pay a 9% tax at the cash register. Maryland, during the period from July to September, has managed to accumulate over $12 million in taxes from the sales of adult-use cannabis.
The taxes collected in Maryland are allocated to counties and various funds that support health, business, social equity, and the state’s general fund. This year, the state is distributing 75 dispensary licenses in order to increase the number of legal retailers in this industry. These new licenses will be allocated through a lottery system.
The allocation of these licenses among Maryland jurisdictions prioritizes communities that have been disproportionately affected by the war on drugs.
Baltimore City emerged as the top recipient, securing a total of 11 licenses in the initial round. Following closely behind are Montgomery and Prince George’s counties, both receiving 9 licenses each. SunMed Growers, the largest cannabis farm in the state, sees this move as a significant boost to their market share.
Van Wingerden explained that the state is currently facing a lack of diversity, particularly among growers. The aim is to address this by granting more licenses to disadvantaged individuals and providing them with opportunities for success. He emphasized the ongoing nature of this process and expressed strong support for it.
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