In the world of legalized recreational cannabis, July 2023 set a record for Maryland marijuana sales. With an impressive $87.4 million in revenue, it’s evident the state’s populace has warmly embraced this budding industry.
Maryland Marijuana Sales: A Closer Look at the Figures
The state’s cannabis retailers, on average, registered daily sales of approximately $2.82 million. This surge, as highlighted by Maryland’s governing body for cannabis, underscores the powerful market demand.
July’s Sales Landscape
Maryland marijuana sales in dispensaries were nothing short of remarkable in July. This sum encompasses the figures from both the recreational and medical sectors, with the medical community having been purchasing legally since 2017.
Kickstarting the Month
July 1, which marked the opening of the cannabis market to all adults aged 21 and above, recorded sales touching a commendable $4.5 million. Most of these sales were attributed to recreational users.
Predictions Based on Current Trends
When juxtaposed with June’s figures, which predominantly catered to medical users, July’s numbers showcased a significant leap. Given last year’s sales hovered around $500 million, predictions based on July’s performance hint at the annual revenue potentially crossing the $765 million mark by the end of 2023, with further growth expected in the future.
Popular Product Choices
From July 1 to 30, cannabis buds were the preferred choice, accounting for around 60% of the total purchases. Concentrates followed suit, while edibles, particularly THC-infused varieties, comprised a mere 7.4%.
Medical Cannabis Consumers: A Shifting Demographic
An interesting observation was the decrease in medical cannabis patients in Maryland throughout July, post a consistent surge throughout most of 2022. By month-end, there was a decline of over 3,000 from the counts of mid-June.
What Lies Ahead
With the growth trajectory of Maryland marijuana sales pointing upwards, the state’s future in the cannabis industry seems promising. Continued regulatory oversight, public awareness initiatives, and infrastructure development will further solidify Maryland’s position in the US cannabis market.
