MD dispensaries see $21M in first week of recreational marijuana sales

MARYLAND –  Marijuana sales are booming in Maryland.

First Week of Rec. Marijuana Brings in $21M

It’s been just over a week since recreational marijuana was legalized in the state. And, in that first week alone, dispensaries pulled in almost $21 million.

“That includes both medical and the adult-use program,” said the Maryland Cannabis Administration’s (MCA) Chief of Policy and Government Affairs, Andrew Garrison. “The opening weekend was about $10 million, and $5 million of that was on the first day alone. That’s pretty consistent with what we see in other states.”

A Forecasted Fortune

The newest Fiscal Year also started on July 1st. Maryland lawmakers predict that by the end of it, up to $400 million could be made. That would work out to about $30 million monthly. However, Garrison says, officials have seen other forecasts pinning the number at as much as $50 million per month.

“We have a pretty big medical program. So, we’re going to expect to see a lot of folks come back to dispensaries,” said Garrison. “But, I think a lot of the initial sales were people being excited about being able to purchase safe, legal cannabis products.”

Garrison says Maryland is, and was so far, the fastest state to go from legislation to legalization; 82 days, to be exact.

And, if those forecasts are correct, and medical patients’ demand stays strong, “Outlay projections are probably, a program that’s including the medical market, $1.5 billion or so in a few years,” said Garrison.

Not Just Novelty

For Curio Wellness co-founder, Wendy Bronfein, the first week of recreational sales was “really exciting.” Curio is the parent company of Far & Dotter dispensaries.

“Our Timonium store did about two [times] its regular business. And, I would call that an inland location. Whereas, the Elkton store on the border of other states did three times [their normal sales,]” said Bronfein.

And, if you think that novelty was the only factor driving newcomers into dispensaries, Bronfein says to think again. While transporting marijuana over state lines remains a federal crime, Bronfein says dispensaries still saw out-of-state customers.

“A lot of the people that we saw at that border state location were actually medical patients, coming from Delaware or Pennsylvania, and choosing Maryland’s adult-use program because it had better quality selection, service, and price,” said Bronfein.

Guiding Newcomers, Growing Economy

Bronfein says Far & Dotter still prioritizes medical patients in their stores. Adding, marijuana flower made up the bulk of their sales. However, as more education is given over dispensary counters, Bronfein expects customers’ choices to shift.

“There’s a difference between that previous consumption and buying it in the store inside the state system; just the knowledge that we have of the products that we’re producing,” said Bronfein. “People are just thinking about it as cannabis as flower, a vape, or a gummy. But, they don’t really know the deeper story there.”

Bronfein predicts growth in both medical and recreational marijuana sales; leading to greater economic opportunities across the state. Just at Curio, Bronfein says they hired about 120 new employees since January; they’ll have 60 more openings through the end of the year.

“I think until any border state finesses all the details that make a program successful, [Maryland] probably will continue to sort of win that race,” said Bronfein. “I think all the stores will continue to have traffic, regardless of how much larger it was in medical. It will just be a continued economic driver.”

Ensuring Equity

Come next year, the MCA will grant 220 social equity licenses to applicants who come from historically underserved communities; that includes those who live in areas with poor educational opportunities, or that have been disproportionately impacted by the War on Drugs.

“All of those will be social equity licenses,” said Garrison. “And, Maryland’s going to be the first state to have an exclusive social equity applicant licensing round.”

Social equity is going to be crucially important in terms of how Maryland’s recreational marijuana future rolls out, says Bronfein.

“I think the best thing about that is people having this runway to really determine how to build their business, and which license to go after,” said Bronfein. “You have the data of five years of a medical program, and you’ll have so many months, if not maybe a year, depending on when you come in, of adult use, to really best assess the best avenue to go after.”