Maryland Cannabis Market Poised for Explosive Growth in 2024 with New Licensing

In September, Maryland’s cannabis sales soared, reaching nearly $90.5 million, only slightly below August’s $91.7 million, as reported by the state’s Cannabis Administration (MCA). Notably, September’s daily average exceeded $3 million, even with one fewer day than August. Adult-use transactions made up $54.3 million or 60% of September’s sales, a rise from 57.8% in August.

Since the July 1^st  opening of recreational cannabis, Marylanders have bought over $511 million in cannabis. With the initial half of the year focused on medical-only sales, the state’s robust $90 million monthly average in the first three months post adult-use legalization suggests a potential $1.1-billion market for 2024, aligning Maryland with major national markets.

And Maryland is also poised for more growth, reports cannabis consulting firm Global Go. Currently, existing medical licensees, limited to four dispensaries each, serve the adult-use market. However, a new licensing round opening November 13, exclusive to social equity applicants, is expected to more than double the state’s cannabis businesses. Over 175 licenses are forecasted across growers, processors, and dispensaries. The application phase concludes on December 12, leading to a region-based lottery by January 1, 2024.

Cannapreneurs in the Maryland area looking to know more about the market there should mark their calendar for October 10th, when  GCT’s partner, Global Cannabis Connect, presents the Maryland Edition, an exclusive happy hour networking event in Baltimore tailored for cannabis entrepreneurs, enthusiasts, and professionals.