“Transparency is crucial to earning and maintaining the public trust, and my Office is committed to helping Marylanders understand what this new part of the economy is generating in taxes,” Comptroller Lierman said. “We look forward to sharing information with the public every quarter, tracking the growth of the adult-use cannabis industry in Maryland, and positioning our state for a more prosperous future.”
"The strong revenues collected in the first quarter reflect the strength of the rollout of Maryland's newly formed adult recreational cannabis industry," said Maryland Governor Wes Moore. "These funds are critical to supporting social equity and economic growth, which are central to the Moore-Miller Administration's values, and we'll continue to work in partnership to promote inclusion, accountability, and fairness across Maryland's cannabis industry."
“These funds are critical to the State’s efforts to ensure a safe, accessible and equitable rollout of cannabis legalization,” said Maryland Cannabis Administration Acting Director Will Tilburg. “Thanks to the quick and transparent work of the Office of the Comptroller, local communities and small businesses in Maryland will benefit from these revenues in 2024 and beyond.”
Quarterly revenues, including the more than $12 million in recent revenue, will be divided among funds as outlined in the law and also detailed in this report:
-
Community Reinvestment and Repair Fund (CRRF): $4,255,491
35% of quarterly revenues fund community-based initiatives serving areas disproportionately impacted by the enforcement of cannabis prohibition prior to July 1, 2022. Funds from the CRRF will be distributed to each county based on percentages formulated by the Office of Social Equity.
-
Maryland Counties: $607,927
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: $607,927
5% of quarterly revenues will be distributed to the Cannabis Public Health Fund to address the health effects associated with the legalization of adult-use cannabis.
-
Cannabis Business Assistance Fund: $607,927
5% of quarterly revenues will be distributed to the Cannabis Business Assistance Fund through FY 2028 to assist small, minority–owned, and women–owned businesses entering the adult–use cannabis industry.
-
General Fund: $6,079,2746
The remainder of quarterly revenues, after required disbursements, will be allocated to Maryland’s General Fund.
|