Maryland’s Cannabis Sales Surge, Generating Over $14.6M In Revenue
Maryland’s burgeoning adult-use cannabis industry has demonstrated its economic potential, with the state collecting over $14.6 million in sales tax revenue from January to March 2024, according to Comptroller Brooke E. Lierman.
This marks a slight increase from the previous quarter’s revenue, showcasing a consistent upward trend in the industry, Fox Baltimore reported.
Revenue Distribution And Community Impact
The adult-use cannabis and cannabis products are taxed at a rate of 9%. The revenue generated is distributed across several funds as mandated by the Cannabis Reform Act of 2023, each serving distinct purposes to benefit Maryland communities.
The largest portion, 35% of the quarterly revenue amounting to …