EASTERN SHORE, MD - Maryland’s Comptroller has announced the State’s cannabis sales tax revenue for the first quarter in sales, with Maryland’s Eastern Shore contributing over $1 million in revenue.
According to the Comptroller, Brooke E. Lierman, Maryland collected more than $12 million in marijuana sales tax between July and September 2023, the first fiscal quarter. Of that total, Eastern Shore Counties collected $1,267,703, just over 10% of the State’s total tax revenue from cannabis sales.
Quarterly revenue collected from marijuana sales is set for distribution among various state funds. According to the State Comptroller, now that the first quarter’s revenue totals have been tallied, the following funds are now set to receive funds in early 2024:
-Community Reinvestment and Repair Fund (CRRF): $4,255,491
35% of quarterly revenues fund community-based initiatives serving areas disproportionately impacted by the enforcement of cannabis prohibition prior to July 1, 2022.
-Maryland Counties: $607,927
5% of quarterly revenue is allocated to Maryland counties based on the percentage of revenue collected from that county. Counties will then distribute 50% of funds to municipalities with cannabis dispensaries that contribute to sales and use tax revenue.
-Cannabis Public Health Fund: $607,927
5% of quarterly revenues will be distributed to the Cannabis Public Health Fund to address the health effects associated with the legalization of adult-use cannabis.
-Cannabis Business Assistance Fund: $607,927
5% of quarterly revenues will be distributed to the Cannabis Business Assistance Fund through FY 2028 to assist small, minority–owned, and women–owned businesses entering the adult–use cannabis industry.
-General Fund: $6,079,2746
The remainder of quarterly revenues, after required disbursements, will be allocated to Maryland’s General Fund.
Under Maryland law, adult-use cannabis and cannabis products are taxed at 9% in the state.
“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.”
