ANNAPOLIS – Comptroller Brooke E. Lierman on Dec. 20 announced that the state of Maryland collected more than $12 million in cannabis sales tax revenue between July and September 2023, the …
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ANNAPOLIS – Comptroller Brooke E. Lierman on Dec. 20 announced that the state of Maryland collected more than $12 million in cannabis sales tax revenue between July and September 2023, the first quarter of sales. This revenue will be distributed in early 2024 to several funds as required by the Cannabis Reform Act of 2023, which legalized personal use of cannabis for adults over the age of 21.
Under state law, the comptroller of Maryland is responsible for collecting and disbursing sales and use tax revenue generated from the retail sale of adult-use cannabis in the state. Maryland law taxes adult-use cannabis and cannabis products at a rate of 9%. Revenue from Maryland’s central region accounted for 45% of those funds.
“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:
The remainder of quarterly revenues, after required disbursements, will be allocated to Maryland’s General Fund.
The Office of the Comptroller will continue to release quarterly reports on the tax revenue generated from cannabis sales in the state that will be available at marylandtaxes.gov/reports/index.php.
For more information on cannabis laws, regulations, data and other related information, visit the Maryland Cannabis Administration.