Maryland’s adult-use cannabis market completed its first year in July, and both the industry and the state have already experienced major changes. An incredible economic impact has been made, but it’s not just about the money. The Free State is also making waves with its commitment to social equity, workforce development, and public health.
Follow along as we’ll dive into the latest updates and see how far we’ve come.
Maryland’s Cannabis Industry Became a Billion-Dollar Industry in 2024
Maryland’s decision to legalize recreational cannabis has proven to be a game-changer for the state’s economy. In just one year, the industry has raked in over $1.1 billion in total sales. Talk about a green rush! Of that impressive total, adult-use cannabis sales accounted for more than $700 million, while medical cannabis brought in nearly $400 million. In July 2024, concentrates were added to the list of approved adult-use products, providing the opportunity for wider demand. It’s clear that both medical patients and recreational consumers are embracing the newfound accessibility and variety that the market offers.
The impact of legalization goes beyond just sales figures. The cannabis industry has become a major player in job creation, providing thousands of new opportunities for Marylanders across the state. From cultivation and retail to marketing and regulatory roles, the cannabis sector is opening up new career paths while boosting local economies.
Plus, all that revenue is doing some serious good. It’s funding community reinvestment initiatives and supporting public services that benefit everyone.
Successful Social Equity Initiatives
Maryland is setting a new standard for social equity in the cannabis industry. From the very start, the state has made it clear that everyone should have a fair shot at success in this booming market. That commitment was front and center when Maryland launched the first-ever licensing round reserved exclusively for social equity applicants.
It was a groundbreaking move, and the results speak for themselves: over half of the selected businesses have majority Black or African American ownership, and more than three-quarters are majority minority-owned. It’s a huge step toward creating a more inclusive and diverse cannabis industry.
But Maryland didn’t stop there. The state also established the Community Reinvestment and Repair Commission, ensuring that the benefits of cannabis legalization extend beyond business owners to the folks that need it most. With more than $40 million collected in fees from licensed cannabis businesses, this fund is fueling community-based initiatives across the state.
Maryland supports low-income neighborhoods and helps communities disproportionately impacted by past cannabis criminalization. The state ensures that cannabis revenue goes right back into the hands of those who can benefit the most. It’s all part of a mission to foster an equitable and thriving cannabis market where everyone has the opportunity to succeed.
Introducing the Cannabis Workforce Development Program
Maryland is taking cannabis reform to the next level with the launch of the Cannabis Workforce Development Program, a first-of-its-kind initiative designed to open doors and create opportunities in the cannabis industry. Governor Moore kicked off this groundbreaking program on the heels of his historic pardon of over 175,000 cannabis-related charges – a powerful move that set the tone for what’s to come.
This program, a joint effort with the Maryland Department of Labor’s EARN Program, is all about helping individuals find their footing in the state’s growing cannabis industry. The goal is to break down barriers to employment and provide the skills and training needed to secure sustainable jobs in this booming sector.
Participants will start with virtual coursework led by industry experts, licensed operators, and college professors, racking up 100 hours of knowledge before diving into a two-day intensive, hands-on training session. These in-person sessions will begin rolling out in November 2024, with scheduled stops across the state, from Baltimore to Prince George’s County and beyond. With this program, Maryland is proving that cannabis policy can be a tool for positive change, turning past challenges into future opportunities.
Peake ReLeaf is proud to be a partner dispensary for this program:
“Because of our reputation for community involvement, the MCA approached us looking for a dispensary partner to participate in the virtual academy. Eight of our staff members, ranging from entry-level employees to managers, were interviewed about their jobs, duties, responsibilities, and opportunities for career advancement. We are happy to partner with and support such an important program in our state.”
— Founder, Tracey Lancaster
The Establishment of the State Cannabis Reference Laboratory
Maryland is once again blazing a trail in the cannabis industry with the launch of the nation’s first cannabis reference laboratory that is managed by a state regulatory agency. This state-of-the-art facility guarantees that the cannabis products hitting the market are safe, consistent, and up to the highest standards. The lab’s primary responsibilities include auditing results from independent testing labs, standardizing testing methods across the board, and making sure every product is fully compliant with state regulations.
The lab is already making waves, but the best is yet to come. With plans to achieve ISO accreditation by March 2025, Maryland is setting the stage for even greater advancements in cannabis safety and innovation. The establishment of this reference lab underscores the state’s commitment to being a leader in the cannabis industry, prioritizing public health, and ensuring that Marylanders have access to safe, reliable cannabis products.
Stay Connected to Maryland’s Cannabis Community With Peake ReLeaf — Premier Rockville Medical & Adult-Use Dispensary
As Maryland’s cannabis industry continues to grow and evolve, it’s clear that the state is committed to leading with innovation, equity, and safety. From record-breaking sales and groundbreaking social equity initiatives to cutting-edge workforce development programs and establishing the nation’s first cannabis reference laboratory, the Free State is letting the world know what a thriving, inclusive cannabis market can truly look like.
Make sure to follow Peake ReLeaf’s blog, where we’ll keep you updated on all the news, trends, and insights you need to know. Whether you’re a seasoned cannabis enthusiast or just curious about the industry, we’re your go-to source for everything cannabis in Maryland.
*The contents of this blog are intended for informational purposes only. Always seek the advice of a physician or other qualified healthcare provider with any questions you may have regarding a medical condition.*
