Maryland is a limited-license adult-use cannabis market with a clearly defined cap on operators. As of April 2025, the state has issued a total of 54 cultivation licenses, 48 processing licenses, and 177 dispensary licenses. The timeline for additional license allocations remains unclear, and industry expectations suggest any expansion may be delayed by at least one to two years. This restriction on new entrants preserves margin and demand for current operators, particularly those who are already capitalized and operational.

Maryland law also requires dispensaries to reserve 25% of shelf space for products made by social equity cultivators and processors. This policy ensures a guaranteed pipeline to retail, giving priority operators a unique path to market stability and predictable sales velocity. Wholesale flower pricing remains strong, with indoor pounds averaging $2,400 as of April 2025—well above the national average.

Maryland is also positioned to benefit from out-of-state demand, particularly from nearby Pennsylvania and parts of Virginia, where adult-use cannabis remains illegal. With strong protections for early licensees and limited near-term competition, Maryland offers a durable and scalable opportunity for cannabis investors seeking both impact and return.