MJBiz - August 2023 - 19

INDUSTRY DEVELOPMENTS
Maryland
Marijuana retailers in Maryland sold nearly $21 million in medical and recreational cannabis products
combined in the state's first week of adult-use sales, which kicked off July 1.
Andrew Garrison, the chief of policy and government affairs for the Maryland Cannabis
Administration, told local media that $10 million was spent during opening weekend, with $5 million
of that spent on the first day of regulated sales.
The 2023 MJBiz Factbook forecasts that recreational cannabis sales in Maryland could reach
$275 million this year and $2.1 billion by 2027. Marylanders voted to legalize recreational cannabis last
November.
Meanwhile, the state's Department of Commerce is inviting social equity licensees to apply for
funding through its Cannabis Business Assistance Fund. To qualify, applicants must have been
preapproved for a license before Oct. 1, 2022, and not have launched operations by Aug. 1, 2023.
Michigan
Wholesale marijuana flower prices in Michigan have leveled off and ticked upward in recent months,
causing cautious optimism among producers who suffered as prices plummeted during the past few years.
At the pinnacle of wholesale prices in February 2020, the average price per pound of flower was
$3,883, according to sales data provided by New York-based cannabis wholesale platform LeafLink. By
February 2023, the price was $789 per pound.
For now, flower prices are on the upswing: The average per-pound wholesale price grew to $832 in
April, $907 in May and $963 in June.
Industry insiders attribute Michigan's modest price stabilization trend to several factors, including:
* Absorption of last season's glut of outdoor cannabis.
* More municipal governments permitting retail sales.
* Authorities cracking down on illicit activity in the licensed market.
Oklahoma
Supply in Oklahoma's medical marijuana market is at least 32 times higher than patient demand,
helping fuel underground sales nationwide, according to a new study.
The 24-page report from the Oklahoma Medical Marijuana Authority quantifies and confirms what
industry insiders have suspected for years: The state is inundated with an exponential oversupply of
regulated marijuana.
The report, conducted by Cannabis Public Policy Consulting, queried more than 1,300 cannabis
consumers from 68 of 77 counties in the state.
In May, Gov. Kevin Stitt signed a bill into law that extended the moratorium on issuing any new
medical cannabis business licenses to Aug. 1, 2026.
Tennessee
Products containing hemp-derived cannabinoids sold in Tennessee will be subject to a 6% " privilege "
sales tax on top of the standard state sales tax rate of 7%, the state Department of Revenue
announced.
Tennessee is one of the few remaining states in the U.S. without access to regulated adult-use or
medical marijuana. That's helped create demand for products containing hemp-derived cannabinoids,
including CBD as well as delta-8 and delta-9 THC, all of which will be subject to the new tax. Products
containing delta-10 THC also will fall under the tax.
Earlier this year, Tennessee became one of the latest states to regulate products derived from hemp,
which federal law legalized in 2018. Sellers must now obtain state licenses and abide by producttesting
standards.
Note: Entries sourced from MJBizDaily and other international, national and local news outlets. These developments
occurred before this magazine's publication deadline, so some situations might have changed.
mjbizdaily.com | August 2023 19

http://www.mjbizdaily.com

MJBiz - August 2023

Table of Contents for the Digital Edition of MJBiz - August 2023