HomeMarket NewsMicro Cap StocksMaryland's Cannabis Market Thrives: $55M in Recreational Sales, $90M Total in October

Maryland’s Cannabis Market Thrives: $55M in Recreational Sales, $90M Total in October

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Recent data released by the Maryland Cannabis Administration (MCA) reveals an impressive success in the state’s cannabis market. In October, licensed retailers recorded a total of $90 million in sales from medical and recreational cannabis products. Notably, recreational sales accounted for $55 million, marking a new record for the state. The surge in sales follows the launch of recreational marijuana in July, which resulted in over $51 million in sales in the first month alone.

The introduction of adult-use cannabis has significantly impacted cannabis businesses in Maryland. Companies operating in the state, such as Ascend Wellness Holdings Inc. (AAWH), have reported a significant 13% sequential increase in retail revenue, attributing it to the booming marijuana sales.

Missouri Allocates Cannabis Revenue for Veteran Services

In Missouri, where recreational sales have continually outpaced medical sales since its launch in February, state officials have earmarked cannabis revenue for a meaningful cause. The Missouri Department of Health and Senior Services (DHSS) has announced a transfer of $13 million from the state’s medical cannabis program to the Missouri Veterans Commission. These funds will support healthcare and various services for military veterans and their families. Additionally, the state’s recreational marijuana program will contribute an extra $4 million to veteran services, bringing their total funds received to nearly $17 million.

Lawsuit Challenges Hemp Regulations in Alaska

The Alaska Department of Natural Resources is currently facing a lawsuit filed by a coalition of hemp cultivators and producers. The lawsuit, filed in U.S. District Court in Anchorage, challenges the recent restrictions imposed on hemp products with intoxicating effects. These regulations, if enforced, would require cannabis-like products derived from hemp to be regulated by the state’s marijuana control board, potentially impacting their availability in vape shops and unregulated stores statewide. The plaintiffs seek a temporary restraining order to halt the implementation of these rules, which would render sales of hemp-derived products illegal.

The lawsuit names several officials from the Alaska Department of Natural Resources, highlighting the legal contention surrounding the regulations.

Unlock the Potential of Cannabis Investments

For those looking to capitalize on the cannabis market, experts suggest that cannabis stocks have reached a stable position and are poised for unprecedented growth. Join Benzinga PotProfits to gain insights from their in-house cannabis stock expert, Michael Berger, who is dedicated to uncovering promising cannabis stocks with high growth potential, even in a seemingly stagnant market. The PotProfits portfolio has already seen remarkable gains this year, including 47.10% with $GTBIF, 40.23% with $TCNNF, and 21.50% with $VFF. Michael Berger is gearing up to reveal the next potential winners, making it an opportune moment to not miss out on the green rush!

Photo: Courtesy of Hvoenok and GOR Photo on Shutterstock

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