B2B Wholesaler Magazine

Maryland Collects $14.7M in Cannabis Taxes Through First Three Months of 2024

Maryland collected about $14.7 million in cannabis taxes during the first quarter of 2024, according to recent data from the state Office of the Comptroller.

Maryland collected about $14.7 million in cannabis taxes during the first three months of the year, according to state Office of the Comptroller data outlined by Maryland Matters. The total is a 0.7% increase compared to the fourth quarter of 2023. 

In a statement, Comptroller Brooke Lierman said the state’s “growing cannabis industry holds immense potential for economic growth for Maryland.”    

“Reinvesting the revenue from adult-use cannabis sales into communities that were damaged by misguided policies allows us to further create a more equitable, resilient, and prosperous future for all Marylanders.” — Lierman in a statement 

Maryland’s Capital Region, which includes the state’s most populous counties – Montgomery and Prince George’s – accounted for more than $6.7 million in taxes, which represents 46% of all cannabis taxes collected during the first three months of the year and a 76% increase over the previous quarter. 

Shops in the Central Region remitted $3.7 million in taxes during the first three months, a 44% drop from the previous quarter. Eastern Region shops collected $1.6 million – 15% more than the previous quarter, the second straight quarter of tax collection increases for the region.  

Sales tax collections in the Southern Region decreased 40% from the last three months of 2023 to $618,218, while sales tax collections in the Western Region increased by 29% quarter over quarter, the report says.  

In Maryland, cannabis tax revenues are split between areas disproportionately impacted by cannabis prohibition (35%), the state’s 24 political subdivision (5%), a fund to address the adverse health effects of adult cannabis use (5%), and a fund to help small, minority-owned, and women-owned cannabis businesses (5%). The state receives the balance, which equates to $5.9 million from taxes collected through the first three months of the year.