What’s the next move?

Those that are living in the state of Maryland crushingly voted to legalize adult-use cannabis. Marylanders voted 2-to-1 for legalizing recreational cannabis. This in effect lays out the foundation for a recreational cannabis market that is expected to produce sales approaching $1 billion within a few years after its start. However, state lawmakers have to set up a legal market that is safe, fair, and affordable.

MJBizDaily has already created estimates for the Maryland market, and it’s estimated that the adult-use cannabis market in Maryland would generate $550 million to $600 million in its first year. It’s also likely that it could generate up to $1 billion in its fourth year with consistent sales. 

Maryland is officially the 20th state in the United States to approve recreational cannabis. The Maryland constitution will be amended to include that adults 21 and older can use and possess marijuana. Now, with the current decision, as of July 1, 2023, it will be legal for adults 21 and older to use cannabis and possess up to 1.5 ounces. Retail sales aren’t likely to begin until 2024 or 2025. Maryland legislators will begin working on adult-use marijuana tax, distribution, and licensing laws.

It should be stated that back in 2014 when General Assembly approved establishing a medical cannabis system, it took three years to establish the rules, grant licenses, and set up farms and processors. Because of the lengthy process, the first dispensaries didn’t actually open until 2017. And even with that, there was a lot of criticism for a lack of diversity among those awarded licenses.