WASHINGTON — The medical cannabis industry in Maryland is booming and the numbers are telling the story.
The medical cannabis industry has contributed about $21.7 million in tax revenue for the State of Maryland and created more the 4,000 jobs, according to a report by Beacon Economics -- a California based research and consulting firm with expertise in economic impact analysis.
The report studied the total expenditures, facility investments, operations spending, and fiscal impacts of the state's 18 licensed growers and 18 processors in the cannabis industry.
Between January 2012 and December 2019, $811.56 million was invested in the U.S. medical cannabis industry, the report stated. In 2019, $240 million of it was invested compared to just $35,000 in 2012.
Between January of 2018 and June of 2018, sales of medical cannabis in Maryland totaled $34.9 million. For the same time period a year later, sales exceeded $106 million with a growth rate of over 200 percent, the report stated.
The analysis claims that the industry is "rapidly growing" and it has the opportunity to grow in the near future to meet the demand of its consumers. However, the study also believes the growth will taper in the years to come due to a projected uptick in licensing.
CANMD is the Maryland Wholesale Medical Cannabis Trade Association that hired Beacon Economics to conduct the economic review of medical cannabis operations in Maryland, including the analysis of the many companies they represent.
"Maryland’s medical cannabis growers and processors have made and continue to make significant investments to deliver safe and effective medical cannabis to more than 85,000 certified patients in Maryland," said Mackie Barch, chairman, Maryland Wholesale Medical Cannabis Trade Association. "We look forward to continuing to be strong partner with the State of Maryland to meet growing patient demand and to play a leading role in helping the state achieve its goals related to adult use."
The study concluded that with all the economic growth and success Maryland receives from the medical cannabis industry, the state "should be cautious in how it issues licenses in the coming years, focusing on sustained and equitable growth for the industry."