Maryland Cannabis Sales Grow by 130%, to Exceed $250 Million in 2019
BOULDER, Colo. — November 19, 2019— BDS Analytics, the leader in comprehensive, actionable, and accurate cannabis market intelligence and consumer research, today announced that Maryland’s retail cannabis sales will exceed $250 million in 2019 based on top-line sales projections modeled from point-of-sale transaction records. With over six million residents, Maryland’s population is comparable to that of Colorado, a state with over $1.7 billion in legal cannabis sales in the last 12 months. However, Maryland remains a medical-only market with just 72 operating dispensaries.
The state is a key battleground for some of the largest public U.S. cannabis firms including Acreage Holdings, Inc. (CSE: ACRG.U), Cresco Labs (CSE:CL), Green Thumb Industries, Inc. (CSE:GTII), Harvest Health & Recreation, Inc. (CSE:HARV), and others, making these projections particularly important as the companies vie for market leadership and recognition. Maryland is also a leading indicator of the strength of the Mid-Atlantic and East Coast cannabis markets, which vary from West Coast and Rocky Mountain states in regulations, sales distribution, category mix, and consumer preferences.
“The launch of our first state east of the Mississippi within GreenEdge® is indicative of both the growth of the national market and the reach of our service,” said Greg Shoenfeld, Vice President of Operations at BDS Analytics. “With the ongoing spread of legalization, we expect to double our retail coverage in 2020 to include Florida, Michigan, Illinois, Massachusetts, and several other key cannabis states in addition to Canada.”
Year-over-year, retail sales growth in Maryland is projected to exceed 130% from 2018 to 2019 ($110 million to $254 million), showing the exceptional growth potential of retail cannabis. Currently, Maryland dispensary shoppers are spending an average of $105 each visit and purchase three items per trip, with roughly a third of these shoppers making purchases on a weekly basis. BDS Analytics’ unique combination of macro-economic research with consumer insights and retail sales tracking paints a comprehensive picture of this booming market where 62% of adults 21+ are currently consuming or are open to consuming cannabis in the future, and 81% support some form of cannabis legalization.
Adult-use legalization in Maryland is expected in 2020, with sales beginning in late 2021 or early 2022. This will lead to another significant growth stage with legal sales forecast to top $1 billion in 2024, more than quadrupling the current market size.
About BDS Analytics:
Headquartered in Boulder, Colorado, BDS Analytics, the premier market research firm for the global cannabinoid industry, helps businesses improve revenues, reduce innovation risk, and prioritize market expansion with accurate and actionable cannabis market intelligence and consumer research. The company provides a holistic understanding of the cannabis market by generating insights from point-of-sale data, consumer research, and market-wide industry projections. To learn more please visit www.bdsanalytics.com.