ANNAPOLIS, Md. — Maryland's Comptroller Brooke E. Lierman announced on Thursday that the state has seen a significant increase in cannabis sales tax revenue, collecting more than $14.5 million between October and December 2023. This marks a $2.5 million rise from the previous quarter, following the legalization of adult-use cannabis in the state.
The revenue generated from the 9% tax on adult-use cannabis and related products will be allocated to various funds in accordance with the Cannabis Reform Act of 2023, aiming to support community initiatives and economic growth. The central region of Maryland contributed to 45% of the total funds collected, highlighting the geographic distribution of cannabis sales across the state.
Comptroller Lierman highlighted the growth of the cannabis industry as a positive development for Maryland's economy. "The integration of adult-use cannabis into our legal economy allows us to reinvest those dollars spent into policies and initiatives that will support thriving communities across Maryland," Lierman stated, emphasizing the collaboration with the Moore-Miller Administration and the General Assembly in advancing the industry.
Governor Wes Moore also spoke on the impact of cannabis sales revenue, focusing on the benefits for communities historically affected by the enforcement of cannabis prohibition. "This revenue collected from cannabis sales will fund critical priorities across our state, and will directly benefit communities that have been disproportionately impacted by the war on drugs," Moore said. He stressed the importance of balancing equitable economic growth with the overall expansion of the state's economy.
The funds collected from cannabis sales tax are slated for distribution among several key initiatives:
- Community Reinvestment and Repair Fund (CRRF): $5,101,672 will support community-based initiatives in areas disproportionately impacted by past cannabis prohibition enforcement.
- Maryland Counties: $728,810 will be allocated to counties based on sales revenue, with 50% of these funds going to municipalities with cannabis dispensaries.
- Cannabis Public Health Fund: Also receiving $728,810, this fund addresses health effects related to the legalization of adult-use cannabis.
- Cannabis Business Assistance Fund: With a $728,810 allocation, this fund assists small, minority-owned, and women-owned businesses in the cannabis industry through Fiscal Year 2028.
- General Fund: The remaining $7,288,102 will be directed to Maryland's General Fund for broader state needs.
Quarterly reports on cannabis tax revenue are available on the Comptroller's website, providing transparency and detailed insights into the economic benefits of legalized cannabis in Maryland.
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