ANNAPOLIS–A new report shows the state of Maryland collected more than $22.3 million in cannabis sales tax revenue between April and June – a 52 percent increase over receipts of the prior three months.
As Marylanders take advantage of legalized personal use of cannabis over the age of 21, the recent spike shows the industry’s potential impact on the economy, Comptroller Brooke Lierman said in a press release announcing the report.
“The market for cannabis continues to grow in Maryland and has shown capacity to create new jobs, new investment and new opportunities, particularly for areas that are marginalized and left behind by a changing economy,” Lierman said.
Maryland voters approved a ballot referendum in 2022, supporting legal possession and use for people age 21 or older. Then the Maryland General Assembly passed the Cannabis Reform Act in 2023 and Gov. Wes Moore signed it into law that same year.
Now it’s Lierman’s job to collect the taxes and disperse them to different funds supporting public health, business assistance and other public purposes.
The new industry is growing, the report shows, and state officials see the potential for more public benefit.
For example, 5 percent of the quarterly sales tax revenues go to a fund helping small, minority-owned and women-owned businesses break into the industry.
“These revenue numbers are a clear indication of the potential for Maryland’s cannabis industry to drive economic growth while prioritizing equity,” said Audrey Johnson, executive director of the Office of Social Equity.