A high-level overview of the Maryland cannabis market

Introduction

This report provides an overview of the Maryland medical cannabis market. Throughout the report, we explore various sales trends including month over month growth, cannabis category trends, and some pricing insights as well. All of the data in this report can be accessed in our market intelligence tool, Headset Insights. To explore market reads for Maryland and other legal cannabis markets further, sign up for a demo of Headset Insights.

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Executive summary

Although total cannabis sales have been low in Maryland compared to other US markets with only $370M through August 2021, sales have been fairly steady month to month, ranging from $42M - $48M in the last eight months. Maryland has the second highest share to Flower compared to other US markets, and the lowest market share to Edibles at 7.4%. This might be due to the high average item prices of Edibles in Maryland.

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Methodology

All data for this report was sourced directly from Headset Insights from January to August 2021. Data for Michigan and Oregon include both medical and recreational sales. Data for the Pennsylvania and Maryland markets includes medical sales only.

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Total cannabis sales by US market

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In this first graph, we look at the total cannabis sales by state in US markets from January to August 2021. As we can see, Maryland ranked last among all US markets, with $370M in total sales this year so far. Maryland is about $250M away from the next lowest market in sales, Nevada, which has made $619M so far this year.

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Cannabis sales by month in US markets

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Here, we break down cannabis sales in US markets by month through August 2021. Sales in Maryland have been fairly steady, ranging from $42M - $48M in the last eight months. On average, Nevada had $31M more in monthly sales than Maryland.

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Month over month cannabis sales growth

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Next, let's look at month over month growth in Maryland so far this year. Maryland experienced the largest month over month growth in March (+13.4%), along with other comparable markets. This makes sense, since there are more days in the month in March than there are in February. On average, Maryland's month over month growth so far in 2021 is -0.2%.

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Cannabis category market share by state

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This graph looks at the market share of different cannabis categories in US markets from January - August 2021. Maryland has the second highest Flower share among the other states at 50.0%. Compared to other markets, Edibles have the least amount of market share in Maryland at 7.4%. We will dig more into the Edibles category further below.

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Category market share in Maryland

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Now let's focus on category share in Maryland, specifically. Vapor Pen's category share started at 20.7% in January and grew to its highest in June at 22.2%. Concentrates, on the other hand, started at 10.7% in January, and has decreased to 8.9% in August.

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Price of cannabis Edibles in Maryland

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Since the Edibles category has a much smaller share in Maryland compared to other markets in the US, let's dive a bit deeper and look at the average item price and the number of units sold across some comparable markets. Maryland has the largest average item price of Edibles at $33.55. This could be one of the reasons that Edibles see a smaller market share in Maryland. The next highest average item price is $24.22 in Massachusetts, which sold over five times as many units than in Maryland.

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Conclusion

Headset Insights provides a detailed look at Maryland's cannabis market so that you can monitor cannabis sales, category trends, product pricing and more in order to stay ahead of the opportunities in the market. To keep track of Maryland and other legal states and provinces, sign up for a demo.

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Key takeaways

• Maryland has totaled about $370M in cannabis sales from January through August 2021.
• Maryland has the second highest share to Flower among other US states at 50.0%, and the lowest share to Edibles at 7.4%.
• Edibles have the highest average item price in Maryland compared to other US states at $33.55. Massachusetts has the next highest average item price of Edibles ($24.22), and sold over five times as many Edibles as Maryland so far this year.

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