Maryland reported total adult-use cannabis sales and use tax revenue of $17.6 million for the fourth quarter of 2024. This is slightly below the third-quarter tax revenue of $18.2 million. For the full year of 2024, the state reported $1.14 billion in sales, on which it collected roughly $73 million in taxes.
The state pays the Maryland Cannabis Administration $6.8 million, which leaves $10.8 million to distribute as the law requires to various groups.
MSOs pleased with Maryland
Despite the slight dip, cannabis multistate operators seemed pleased with results in the state.
TerrAscend Corp. (OTC: TSNDF) Executive Chairman Jason Wild said on his company’s conference call,
“We entered the Maryland market in 2021 through the acquisition of a small cultivation facility with negligible revenue and then acquired four dispensaries during the first half of 2023. At the end of 2024, we are proud to be on a $70 million revenue run rate and have delivered sequential revenue growth and gross margin expansion for all four quarters of 2024.”
The company’s gross profit margin in the state also grew, from 25% to more than 50%.
Wild added: “We have increased our market share position from number 13 in the fourth quarter of 2023 to number 6 in the fourth quarter of 2024, according to BDSA. We are now just 1.9 market share points away from a number 2 position in the state and are demonstrating the momentum to achieve this goal in 2025.”
Because of the anticipated strong growth, Wild said TerrAscend will expand its cultivation capacity in Maryland by 50%, with the company “on track to operationalize these additional rooms in the first quarter with the first harvest expected late in the second quarter.”
Verano Holdings Corp. (OTC: VRNOF) also recently commented on its business in Maryland during the company’s earnings conference call. The company said it benefited from gains in that state’s market which helped its top-line sales.
“From a retail standpoint, we expect new competitive pressure in the Maryland market following approval of a large number of new licenses,” CFO Brett Summerer said.
[[{“value”:”MSOs in the state were pleased with the sales they experienced in the fourth quarter.
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