Maryland Governor Wes Moore plans to sign legislation to create the independent Maryland Cannabis Administration for the state’s adult use cannabis market, a spokesperson for the state told MarketWatch on Monday. Marijuana Moment initially reported that lawmakers on Saturday approved a final version of the bill. The measure comes after 67% of the state’s voters approved adult-use cannabis in a referendum on the November ballot. Maryland plans to tax adult-use cannabis sales at a rate of 9%, but medical cannabis will be exempt. Cannabis legalization in Maryland goes into effect on July 1, when existing medical dispensaries will be allowed to also sell adult-use cannabis if they pay a fee. The AdvisorShares Pure US Cannabis ETF MSOS is down 0.8% on Monday, and has lost 24.2% of its value in 2023, compared to a 14.8% year-to-date rise by the Nasdaq.
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