Annual retail sales in Maryland’s cannabis industry reached $366 million at the end of July, surpassing total sales for all of 2019 with more than a third of the year still to go.
July also marked the first month in the state industry’s short history that total retail sales surpassed $40 million in a single month. State regulators say total sales are on track to more than double in 2020, compared to 2019’s total of $242 million. It would be the second year in a row annual sales have more than doubled.
Compared to daily revenues in 2018 and 2019 — the first two full years of cannabis sales in Maryland — 2020’s daily average of $1.7 million is up 169% over 2019’s, and up 546% over 2018’s, according to data from the Maryland Medical Cannabis Commission (MMCC).
What accounts for this huge growth? William Tilburg, executive director of the MMCC said, “Put simply: more businesses and more patients.”
