During the November midterms, over 65% of Maryland voters chose to legalize adult-use cannabis.
This means that starting July 2023, adults over 21 can possess up to an ounce-and-a-half of marijuana and 10 grams of cannabis concentrates. Criminal penalties for possession of up to 2.5 ounces will be removed and prior convictions for offenses now legal will be automatically expunged.
Among the largest multi-state operators already operating in the state’s medical marijuana market are Curaleaf (OTC: CURLF), Verano (OTCQX: VRNOF), Terrascend (OTCQX: TRSSF) and Trulieve (OTCQX: TCNNF).
What does recreational marijuana legalization in Maryland mean for these operators and other cannabis businesses? What does it mean for the state? Benzinga wanted to find out, so we spoke with Matt Darin, CEO of Curaleaf, and James Leventis, EVP of compliance and government affairs at Verano.
“There is a lot of room for growth by operators of all sizes while ensuring that the state meets its social equity goals,” Darin told Benzinga. “Maryland borders a legal state so this gives the local industry an opportunity to gain back market share by allowing consumers to buy closer to home. Cannabis generates important tax revenues, creates local jobs, provides additional solutions for the various health and wellness needs of MD citizens and supplies necessary funding for social equity initiatives. “
Curaleaf plans to continue its collaboration with state regulators when the Cannabis Business Assistance Fund and Cannabis Public Health Fund are established, Darin added.
Leventis agreed, pointing out that adult-use cannabis “will bring tremendous economic growth, tax revenue and career opportunities benefiting businesses, individuals and communities statewide.” …