Maryland’s cannabis market is expected to generate approximately $1.2 billion in annual sales in 2026, according to BDSA.
The market research firm recently offered an overview of Maryland’s cannabis market. The state voted in November to legalize possession of up to 1.5 oz. of cannabis for recreational use, as well as owning and maintaining up to two plants out of public view. These regulations are set to take effect in July 2023.
BDSA noted Maryland already has a robust medical market, bringing in roughly $550 million in 2021. That was up about 20% from 2020 sales.
However, like other established markets, Maryland has experienced a drop in retail cannabis prices. Between September 2021 and September 2022, equivalent average retail cannabis prices fell approximately 35%, which BDSA said represents greater price compression than other, more mature markets.
Nonetheless, BDSA said unit sales reached an all-time high in September 2022.
In terms of brand performance, BDSA said Maryland had 108 brands, and in September, six of the top 10 brands in the state were non-MSO brands, presenting an opportunity for growth as adult-use takes effect. Curio Wellness had the best-selling edibles brand in September 2022.