An economic impact analysis of Maryland’s wholesale medical cannabis industry details a “dramatic effect on Maryland’s economy” totaling more than $580 million between 2017 and September 2019.
The analysis, conducted by Beacon Economics, shows that the medical cannabis industry has created more than 4,000 jobs and $21.7 million in tax revenue for the State of Maryland.
The report analyzed the substantial economic impacts from facility investments throughout the state and ongoing operational spending by medical cannabis growers and processors. The report also notes that “the already substantial economic impact will likely be larger in the near future as the industry expands to meet the demands of newly certified patients.”
“Maryland’s medical cannabis growers and processors have made and continue to make significant investments to deliver safe and effective medical cannabis to more than 85,000 certified patients in Maryland,” said Mackie Barch, Chairman, Maryland Wholesale Medical Cannabis Trade Association. “We look forward to continuing to be strong partner with the State of Maryland to meet growing patient demand and to play a leading role in helping the State achieve its goals related to adult use.”
Key findings from the report included:
- Total expenditures in Maryland from cannabis processors and grower’s facility investments through September 2019 reached $167.0 million, while operations spending accounted for $209.9 million.
- Facility investments in the state generated $264.1 million in total economic output, supported 1,743 jobs, and $112.7 million in labor income.
- Operations spending in Maryland by cannabis processing/growing firms accounted for $316.8 million in total economic output, 2,638 jobs, and $104.2 million in labor income.
- Fiscal impacts in the form of state and local taxes totaled $11.4 million from facility investments, and $10.3 million from operations expenditures.
Read the entire impact analysis here.