Medical marijuana produced more than $10 million in tax revenue for Maryland in FY 2019 – exceeding the amount of money the industry brought to state coffers during the previous two fiscal years combined, according to data provided by the Maryland Medical Cannabis Commission.
The latest numbers cover the period that ended on June 30, 2019. The total estimated revenue for medical marijuana for that fiscal year is $10,371,437. State expenditures for the fiscal year were $5,608,806.
In FY 2018 medical cannabis brought $3,508,494 to Maryland in tax revenue. State expenditures were $4,389,767. In FY 2017, the industry brought $4,234,017 in revenue to the state, while expenditures were $2,540,331.
Cannabis companies in Maryland made an estimated $96 million in the 12-month period from Dec. 1, 2017 to Nov. 30, 2018, according to the commission.
During the same period Illinois cannabis companies made $36.3 million, Massachusetts cannabis companies made between $25-35 million and New York cannabis companies made between $5-15 million, according to data from those respective states.
Maryland has an estimated 87 licensed cannabis shops, according to a spreadsheet provided by the commission. The majority are located in major population centers such as Baltimore City, Baltimore County, Howard County and Montgomery County. [Read more at The Maryland Reporter]