Cannabis revenues topped $87.4 million during July, the first month of Maryland’s recreational adult-use market, according to state data.
That’s an average of about $21 million a week in revenues and tracks with the first week’s revenue after market opening. The number includes medical and recreational sales and was more than the medical market alone brought in during May and June, the months leading up to cannabis legalization.
Since July 1, anyone 21 and older can legally buy limited amounts of cannabis at licensed dispensaries.
Customers shopping at the nearly 100 dispensaries around the state gravitated toward dried flower products, which brought in just over 60% of revenues. Budding home gardeners purchased more than $3,500 in cannabis plants.
Recreational customers can purchase and grow up to two plants per household, and medical patients can grow up to four.
Dispensary owners told The Banner earlier this month that they had seen steady traffic and a five- to 10-fold increase in sales during the early days of legalized recreational cannabis. One industry leader said the “uptick” in business is expected once a state legalizes recreational use.
The full July sales data indicates the novelty hasn’t worn off yet.
In the first six months of 2023, when just medical customers were able to buy cannabis, medical dispensaries reported an average of $27.6 million in monthly sales. Before July’s record-breaking number, the largest monthly retail revenue for just medical dispensaries, was in June — $42.6 million.