Medical marijuana brought more than $10 million in tax revenue to Maryland in FY 2019

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Medical
marijuana
produced
more
than
$10
million
in
tax
revenue
for
Maryland
in
FY
2019

exceeding
the
amount
of
money
the
industry
brought
to
state
coffers
during
the
previous
two
fiscal
years
combined,
according
to
data
provided
by
the Maryland
Medical
Cannabis
Commission
.

The
latest
numbers
cover
the
period
that
ended
on
June
30,
2019.
The
total
estimated
revenue
for
medical
marijuana
for
that
fiscal
year
is
$10,371,437.
State
expenditures
for
the
fiscal
year
were
$5,608,806.

In
FY
2018
medical
cannabis
brought
$3,508,494
to
Maryland
in
tax
revenue.
State
expenditures
were
$4,389,767.
In
FY
2017,
the
industry
brought
$4,234,017
in
revenue
to
the
state,
while
expenditures
were
$2,540,331.

Cannabis
companies
in
Maryland
made
an
estimated
$96
million
in
the
12-month
period
from
Dec.
1,
2017
to
Nov.
30,
2018,
according
to
the
commission.

During
the
same
period
Illinois
cannabis
companies
made
$36.3
million,
Massachusetts
cannabis
companies
made
between
$25-35
million
and
New
York
cannabis
companies
made
between
$5-15
million,
according
to
data
from
those
respective
states.

Maryland
has
an
estimated
87
licensed
cannabis
shops,
according
to
a
spreadsheet
provided
by
the
commission.
The
majority
are
located
in
major
population
centers
such
as
Baltimore
City,
Baltimore
County,
Howard
County
and
Montgomery
County.
[Read
more
at
The
Maryland
Reporter
]