Cannabis had come up a long way since the 1960s and 1970s when it was thought to be a dangerous drug and was illegal in most states. Today, cannabis is legal for both medical and recreational use in more than half the states. The most recent state to legalize recreational cannabis in Maryland, which became the 20th state to legalize the adult use of cannabis.
Voters in the state of Maryland have overwhelmingly approved a ballot initiative legalizing recreational marijuana, clearing the way for an industry that is expected to bring billions in sales within just a few years.
Adults 21 years and older will be legally allowed to take, or you can say, possess, up to 1.5 ounces of cannabis on July 1, 2023. Retail sales should begin by 2024 at the latest.
Moreover, Curio Wellness CEO Troy Datcher said that there are numerous people who have been “waiting for this moment” and that he expects the demand to be high. The state of Maryland will now officially become the 20th state in the U.S. with legal recreational cannabis sales, joining Colorado, Washington, Oregon, California, Nevada, and Alaska as states where adults 21 years and older can legally buy marijuana.
It is pretty clear that this is a huge victory for cannabis advocates and further proof that public opinion on cannabis has shifted dramatically in recent years.
Sandy Suchoff, CPA is the Founder and principal of Lefstein-Suchoff, CPA & Associates, LLC D/B/A The Canna CPAs. Suchoff has been featured and interviewed on MSNBC, FOX News, and Tune In Business Talk Radio as a tax advisor, as well as ONR Oklahoma PBS TV, Chasing News on FOX & WOR, KRQE 13, Cannabis Radio, Purple Haze Radio, and Cannabis Tech & Today as an advisor on cannabis tax and accounting.
