Maryland’s hot health-related marijuana market place continues to sizzle – and 2019 sales are on pace to double these from 2018.
Information released by the Maryland Health-related Cannabis Commission show that via the finish of July, MMJ sales via the state’s dispensaries had been just beneath $130 million, with typical month-to-month sales of $18.four million.
Sales amongst January and December 2018 – the very first complete year of sales – came in at $109.three million, a figure that was surpassed in July of this year.
If the state’s sales retain their typical pace from August via December then the 2019 total would be $220 million, twice the level of 2018 sales.
Here’s some background about the circumstance:
- Following a 4-year delay, health-related cannabis sales in Maryland began in December 2017 and the plan took off rapidly.
- Drivers behind the state’s robust very first year integrated a powerful patient base and abundant dispensaries peppered across Maryland.
- Development led regulators to situation a second round of company license applications in mid-2019, with up to 4 extra cultivators and 10 processors.
- For the duration of an extended application period, far more than 200 enterprises applied for the 14 licenses, speaking to the level of interest marijuana entrepreneurs have in capturing a piece of the market place.
The Health-related Cannabis Commission is anticipated to announce the names of the new licensees in late September.
The new processing licensees will have an extra solution segment to appear forward to in 2020, as Maryland’s earlier ban on edibles will be rolled back Oct. 1.
Sales of edibles will not commence till guidelines relating to their regulation have been finalized, which is unlikely to happen just before the finish of the year.
Here’s what else you want to know about MMJ sales in Maryland:
- Maryland dispensaries sold 17,248 pounds of flower and just more than 1.two million units of infused merchandise amongst January and July 2019.
- The most up-to-date info released by the state shows that Maryland has 82 licensed dispensaries in operation, 16 cultivators and 17 processors.
- As of August 27, Maryland’s MMJ plan had 107,845 registered individuals and 75,802 who had received certification from a provider registered with the Maryland Health-related Cannabis Commission.
Maggie Cowee can be reached at [email protected]