Maryland's Cannabis Market Thrives With $90M In Sales In October
Marylanders seem to enjoy recreational marijuana considering the latest sales data posted by the Maryland Cannabis Administration (MCA).
During October, the state's licensed retailers sold $90 million worth of medical and recreational cannabis products, reported Marijuana Moment. Out of that sum, medical marijuana sales accounted for $35 million, while recreational sales amounted to $55 million, reaching a new record in the prior month.
This July marked the beginning of recreational marijuana sales in the Old Line State, and residents were on board in a big way, resulting in little over $51 million in recreational sales in the first month.
Cannabis businesses seized the new opportunity. With earnings season heating up, companies that operate in the state are reporting a noteworthy increase in quarterly results, attributing it to the launch of adult-use cannabis in Maryland. This week, Ascend Wellness Holdings Inc. (OTCQX: AAWH) reported a 13% sequential increase in retail revenue, all thanks to marijuana sales.
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