Nearly $21 million in weed sales reported in first week of recreational legalization in Maryland
BALTIMORE - Within the first week of legalized recreational marijuana use in Maryland, licensed dispensaries sold nearly $21 million in weed products, the Maryland Cannabis Association reported.
The first day of legalization, on July 1, brought in more than $4.5 million in total sales.
The opening weekend had $10.4 million in weed sales, according to the report.
According to The Baltimore Banner, the Maryland Cannabis Administration anticipates the industry will reap $600 million in retail sales during the first year of adult-use cannabis legalization.
At the current 9% tax rate, the state would take in $54 million to cover government oversight costs, fund community reinvestment efforts and public health initiatives and distribute revenues to counties and municipalities, the Banner reports.
Last November, Maryland voters approved legalizing adult-use marijuana.