It was the Maryland Wholesale Medical Cannabis Association (CANMD) that hired Beacon Economics to study and analyze the economic growth of medical cannabis operations in Maryland. This economic review of medical cannabis progress was to learn about the impact on the pharmaceutical industry due to cannabis consumption. Since 2019, more than 8500 patients were certified with a Maryland medical marijuana card.
According to the Maryland Medical Cannabis Commission, the total retail sales valued at $268,251,313 from December 2018 to December 2019. Also, the total number of infused products sold in the same year was 2,609,516 (ea). These statistics show massive growth in the medical marijuana industry after the legalization of cannabis consumption in the U.S.
Growth in the Revenue
According to an article by Khalida Volou, there has been tremendous growth in tax revenue and a substantial increase in jobs. The medical cannabis industry’s contribution to the tax revenue was about $21.7 million for the State of Maryland. Also, Beacon Economics reported that the legalization of weed has brought in many job opportunities for youngsters.
With sufficient legal documents, many potential marijuana growers can open their medical marijuana dispensary. The Maryland Medical Cannabis Commission duly verifies all the records, and only then the licenses are issued. It not just generates revenue but also promotes the well-being of the patients having chronic ailments.
Increase in Investors
A report mentions the analysis of the state’s fiscal impacts, total expenditures, operations spending, and facility investments. The study had 18 licensed growers and 18 processors as participants from the cannabis industry. The studies also reveal a higher number of investors joining the campaign to contribute toward the medical marijuana industry.
More than $811.56 million was invested in the U.S. medical marijuana industry between 2012 and 2019. The investments made in 2012 were not more than $35,000 due to a lack of knowledge about government policies. But, post-government reforms in 2019, the investments rose to $240 million, which pushed the medical marijuana industry’s growth to the next level.
Meeting the Demands Effectively
According to Cannabiz Media, more than 9397 licenses were issued to the medical marijuana cultivators in the last three years. It has effectively managed to meet the increasing demands of patients who were suffering from cancerous tumors and other chronic illnesses. Although the consumption of marijuana was decriminalized before, the legalization took place after several years.
The delay in the legalization process harmed the state’s revenue program. But now, with an increased number of dispensaries, the sale of medical marijuana has contributed significantly to revenue generation. Additionally, with more medical marijuana dispensaries, the patients can easily avail of the Maryland medical marijuana card and enjoy its benefits.
Healthy Competition leads to Quality Product
As per a Cochrane Review in 2016, the cannabinoids in medical marijuana effectively treats patients with anorexia, arthritis, glaucoma, and migraine. But there shouldn’t be any compromise with the quality of medical marijuana. The use of good quality medical marijuana increases the appetite of the patients suffering from HIV/AIDS and children undergoing chemotherapy.
When there is healthy competition in the market, the product is never contaminated. Because, if the quality of medical marijuana is found sub-standard, then people will buy the product only from those sources who sell or produce quality medical marijuana. Hence, due to growth in the economy, the competition remains healthy, and the patients also enjoy the benefits of good medical cannabis.