Maryland's Comptroller Brooke E. Lierman announced on Thursday that the state has seen a significant increase in cannabis sales tax revenue, collecting more than $14.5 million between October and December 2023. This marks a $2.5 million rise from the previous quarter following the legalization of adult-use cannabis in the state.
The revenue generated from the 9% tax on adult-use cannabis and related products will be allocated to various funds in accordance with the Cannabis Reform Act of 2023, aiming to support community initiatives and economic growth. The central region of Maryland contributed to 45% of the total funds collected, highlighting the geographic distribution of cannabis sales across the state.
Comptroller Lierman highlighted the growth of the cannabis industry as a positive development for Maryland's economy. "The integration of adult-use cannabis into our legal economy allows us to reinvest those dollars spent into policies and initiatives that will support thriving communities across Maryland," Lierman stated, emphasizing the collaboration with the Moore-Miller Administration and the General Assembly in advancing the industry.
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