MJBizMag January 2023 - 33

Connecticut
Rhode Island
Alabama
Mississippi
But letting existing medical
operators flip a switch to start selling
adult-use marijuana would again
leave minority cannabis businesses
out of the market. It would be a bad
look for the state and surely lead to
outcry as businesses owned by people
of color would face an uphill battle to
compete against well-heeled medical
operators.
MARYLAND
SNAPSHOT*
Ballot initiative or legislation: On Nov. 8, 2022, voters approved the Maryland
Legalization Amendment by a margin of 67% to 33%.
Regulatory agency/Business license types and fees/License caps/State tax
requirements/Out-of-state applicants/Product types allowed: Regulations have not
yet been developed.
Anticipated sales launch: Possibly late 2023 but probably 2024.
2022 population and patient numbers: Maryland had 161,389 registered MMJ patients
as of Nov. 15, 2022, accounting for 2.6% of the state's population of 6.2 million.
Predicted size of market: The adult-use market in Maryland is expected to generate
$550 million-$600 million during its first year and could generate up to $1 billion in its
fourth year, according to MJBizDaily estimates.
Local control and opt-in/opt-out rules: Regulations have not yet been developed.
Social equity provisions: The Cannabis Business Assistance Fund and the Cannabis
Public Health Fund will be established.
* Data is from the 2022 MJBiz Factbook, MJBizDaily, MJBizMagazine, unless otherwise noted.
Multistate operators " take up all
the real estate they can get, because
there's only so much of it in each of
the counties that allow it. And you've
seen in other states that have done
that, they suck all the capital markets
dry for the minority entrepreneurs
that want to get in, " Kane said. " Giving
those guys a head start is the problem.
I think that there's a middle ground
where they get access early, but
they've got to bring people along with
them: Leave nobody behind. "
OPPORTUNITIES AHEAD
When Maryland's adult-use
market does launch, there will be
opportunities.
Jon Levine, president of MariMed,
a vertically integrated MSO based in
Massachusetts, believes Maryland
regulators are leery of issuing too
many licenses and creating a situation
of oversaturation that will, in the end,
lead to businesses failing.
In his view, the sectors most
vulnerable to oversaturation are
cultivation and retail. He is more
bullish about opportunity in
marijuana processing and delivery.
" I think processing (presents the
best opportunities) because it doesn't
require a lot of capital investment,
and it gives you the ability to create
your own brand. And then you can
sell that brand to dispensaries, " he
said. " I understand that Maryland is
going to allow delivery opportunities.
It's something that we're presently
looking at, where we think that we
could successfully help deliver to
consumers. "
mjbizdaily.com | January 2023 33

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