There’s not much to be crabby about in Maryland’s marijuana market.
Since launching in July 2023, the recreational marijuana market in Maryland has grown month-over-month, ending 2023 at $331.8 million in sales, according to data from the Maryland Cannabis Administration.
That’s a monthly average of roughly $55.3 million in recreational sales in the six months since the program’s launch.
Those gains have come at the expense of the state’s medical marijuana program, however.
MMJ sales in Maryland hit $46.3 million in June 2023, the month before recreational sales launched in Maryland, but declined four of the final six months of the year.
It’s not unusual for medical cannabis sales to decline when adult use is legalized.
That said, MMJ sales in Maryland totaled $464.5 million in 2023, a monthly average of about $38.7 million.
Total cannabis sales at year-end were $796.3 million in Maryland, where blue crabs are the “most valuable commercial fishery.”
December was the most prosperous month for the adult-use and MMJ markets, with combined sales of $96.5 million, including more than $61 million in recreational sales.
The MJBiz Factbook projected that adult-use sales in Maryland could hit $275 million in 2023 and $2.1 billion by 2027.
Maryland cannabis sales could increase in the future, because the state is planning to issue 75 more dispensary licenses this year.
