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Cannabis Tax Revenue May Exceed $36 Million

December 22nd, 2023 by WCBC Radio

The State of Maryland has collected $12 million dollars in tax revenues since July in legalized cannabis sales.  Cannabis became legal to sell in the state on July 1 at a tax rate of 9% for commercial sales. November saw the largest month yet with $75 million in sales across the state.  In the Western 4 counties of Maryland, $1.5 million in tax revenue was realized.  Of that amount, 5% is returned to the counties.  The State’s Office of Social Equity receives 35% of the tax revenue and then distributes it back to the counties through the Community Reinvestment and Repair Fund – that will get Allegany County an additional 1% of funds. The state is on track to exceed initial estimates of $36 million in tax revenues for the year from cannabis sales.