December 23, 2022
Notable Players

A Deeper Look At This State

Regulatory Framework

Adult-use marijuana legislation failed to pass in Maryland in 2021. However, Maryland House approved a bill to put marijuana legalization on the November ballot and set rules if voters approve.

Although licensing fees are among the highest in the nation, the opportunity is well worth the price tag. Maryland has been slowly rolling out more retail licenses as operators must go through a rigid process wherein the regulatory body governs all supply chain aspects.

Each operator is limited to one retail license; MSOs have evaded the limit by utilizing management agreements wherein MSOs pay annual fees to state-licensed dispensary owners in return for their operations and P&Ls. Consequently, additional rules were adopted in 2019 to limit management service agreements or common ownership to four licenses in total. In 2021, regulators announced medical cannabis licenses and registrations would be handled through the state's general licensing portal, potentially moving things along faster.

Notable Market Activity

January 2022 | MariMed announces acquisition of Kind Therapeutics USA, LLC for $20MM

August 2021 | Cresco acquires dispensary Blair Wellness Center

November 2020 | TerrAscend acquires HMS Health from Curaleaf

September 2020 | 4Front sells three dispensaries to Ethos

What's the Play?

Maryland enjoys a robust medical market with substantial revenues and limited licenses. Patient counts have proliferated, resulting in annualized retail sales over $550MM in the medical market.  

MSOs will continue to invest in this market, as license limits allow for handsome profits. Financial investors should be comfortable deploying capital behind solid operators in the state.

New Jersey's adult-use legislation will be a catalyst for many states in New England. As a result, expect Maryland to accelerate the process to expand its medical program and work towards adult-use.

Market Snapshot

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By The Numbers


~ 6.2MM

21+ Population

~ 3.75MM

Annual Tourists


Medicinal Legalization


Adult-Use Legalization


First Adult-Use Sales


MMJ Patients

~ 160K

Monthly Revenue

~ $38MM

Cultivation Cap

No Limit

Cultivation Licenses

18/21 (Operational/Limit)

Retail Licenses

98/102 (Operational/Limit)

Retail License Cap per Operator


Vertical Integration




MMJ Qualifications

Less Restrictive

Adult Population/ # Retail Licenses

~ 38.3K

Accepts Out of State MMJ


MMJ Patients / # Retail Licenses

Top Cultivators

Notable Market Activity

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Proprietary Sharp Capital Advisors data - compiled using various sources including state and local government data

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