Maryland Medical Marijuana Sales Hit $ 1 Billion In Less Than 40 Months! New billion in sales forecast in the next 20 months.
Legal sales of medical cannabis in Maryland were approved in late 2017. Since then, the industry has continued to see higher revenues from all parts of the state.
The industry has grown like weeds (excuse the pun).
Every link in the supply chain of the medical cannabis industry in Maryland couldn’t be happier. From growers to retailers, everyone makes money.
It was recently announced that total cannabis sales in the state from its inception to now have exceeded $ 1 billion. This is not an easy task.
The United States as a whole has one of the highest annual sales of marijuana medicines. Industry in the US could one day bring in over $ 159 billion annually and disrupt some other industries as it grows exponentially.
The US cannabis industry has a market that is second to none. While the nation’s population plays a role in the enormous revenues generated in the cannabis industry, it cannot be denied that the United States is the crown of the global cannabis movement.
Other states that have seen over $ 1 billion in sales since medical cannabis sales include California, Florida, Colorado, Massachusetts, and other states approaching the $ 1 billion mark. These high cannabis sales states have been predicted to generate at least $ 23.9 billion in 2024 alone.
That brings us back to the Maryland scene.
Making the next $ 1 billion in sales would take less than the 40 months it took to make the first.
It is commendable to have retail sales of $ 1 billion in less than four years in the medical cannabis industry alone.
This impressive announcement was made during a public meeting of the Executive Director of the Medical Cannabis Commission in Maryland, William Tilburg.
During that meeting, Mr. Tilburg stated that the MMCC predicts that the next billion will be reached in 20 months or less. This is because the market matures and as it matures, people are educated about why they need the medical CBD products. The market is growing at an exponential rate.
When the industry was approved in December 2017, it wasn’t an overnight success. The growth was very slow. The fast pace has been achieved in the past few months.
The growth observed over the past year has been massive. Some analysts attribute this growth to the COVID-19 lockdown.
So that you understand clearly. Note the following quantities.
In 2020, it had quarterly sales of $ 115 million. While in 2019, quarterly realized sales barely averaged $ 60.5 million. This means that total revenue nearly doubled between 2019 and 2020, from $ 242 million in 2019 to $ 460 million in 2020.
This year alone, sales exceeded $ 135 million in the first quarter. This means the Maryland cannabis industry could have total sales of over $ 550 million this year. Incredible!
As mentioned earlier, the fast pace was attributed to the lockdown. Mr Tilburg went on to explain that two factors were involved. Both are;
Increased number of patients
Statistics from data from the MMCC show that the total number of sick patients admitted to ingest medical cannabis rose by almost half the previous year over the course of 2020. From an average of 87,000 to 123,000. 41% more to be precise.
The MMCC was also found to certify at least 3,000 new patients each month in 2020. With each month in 2021, the number of certified patients has increased.
This in turn led to an increase in the collection from pharmacies scattered across the state. This collection grew by almost 10%.
The recent trend may have caused the majority of licensed cannabis growers to step up their production levels. In this way there would be enough supply to meet the expected increasing demand in the state. And that demand doesn’t seem to be decreasing anytime soon.
Culta Grow Firm is one of these cannabis producing companies. The growing company has significantly expanded the size of its facility and its production capacity to three times its previous size. It has been reported that about $ 6 million has been invested in growing cannabis outdoors to achieve this level of production.
Another cannabis manufacturing company that has completed the expansion process is Cecil County’s SunMed Growers. This group recently expanded its greenhouse operations with a $ 18 million investment. There are further plans to set up additional structures before the end of this year.
So you can see very well that plans to increase supply are being rolled out in response to the massive growth in demand.
Currently, the organization of recreational cannabis would be the only significant milestone that can be achieved in the Maryland cannabis industry. This would boost industry and also boost the state’s economy.
Unfortunately, recent efforts to legalize this law in the Maryland General Assembly have failed. The BDS research companies have made positive predictions that another attempt could be made in 2022, which this time could be successful.
The Maryland Cannabis Market is one of the fastest growing cannabis markets in the United States. When recreational cannabis use is finally legalized, states will realize no less than $ 250 million per quarter by 2024. In a calendar year, they generate total sales of a whopping $ 1 billion.
Also, keep in mind that as more medicinal benefits of the marijuana plants and their components are discovered, the demand would increase significantly. And as expected, at some point the state would license more cannabis producers nationwide to meet demand.
Fun and profitable times are coming …
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