Comptroller Brooke E. Lierman today announced that the State of Maryland collected more than $14.5 million in cannabis sales tax revenue between October and December 2023. This is a $2.5 million increase over the inaugural quarter of sales for adult-use cannabis in Maryland. This revenue will be distributed to several funds as required by the Cannabis Reform Act of 2023, which legalized the personal use of cannabis for adults over the age of 21.
Under state law, the Comptroller of Maryland is responsible for collecting and dispersing sales and use tax revenue generated from the retail sale of adult-use cannabis in the state. Adult-use cannabis and cannabis products are taxed at a rate of 9%. Revenue from Maryland’s central region accounted for 45% of those funds. |
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“The increase in adult-use cannabis sales and use tax revenue is positive news for the industry as it expands in our state,” Comptroller Lierman said. “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 Marylanders. I appreciate the continued partnership of the Moore-Miller Administration and General Assembly to move the industry forward in ways that position our state for long-term economic prosperity and success.”
“Here in Maryland we are writing a new chapter in the story of cannabis in this state — a chapter focused on equity and economic growth. This revenue collected from cannabis sales will fund critical priorities across our state, and will directly benefit communities that have been disproportionately impacted by the war on drugs,” said Gov. Wes Moore. “We must continue to move away from the false choice that says we must pick an economy that is equitable or an economy that is growing—we can, and will, do both.”
Quarterly revenues from adult-use cannabis will be divided among the following funds:
Community Reinvestment and Repair Fund (CRRF): $5,101,672
Maryland Counties: $728,810 5% of quarterly revenue is allocated to Maryland counties based on the percentage of revenue collected from that county. Counties will then distribute 50% of funds to municipalities with cannabis dispensaries that contribute to sales and use tax revenue.
Cannabis Public Health Fund: $728,810
Cannabis Business Assistance Fund: $728,810
General Fund: $7,288,102
The Office of the Comptroller releases quarterly reports on the tax revenue generated from cannabis sales in the state that are available at https://marylandtaxes.gov/cannabis/reports.php
For more information on cannabis laws, regulations, data, and other related information, please visit the Maryland Cannabis Administration. |