The state’s marijuana market is growing, providing new sources of revenue
Throughout this year, Maine’s retail marijuana market continues to demonstrate fairly solid growth. While there has been a dismal municipal participation rate since joining commercial sales of cannabis for adult-use nearly two years ago, Maine seems to be responding well and making it clear that it is capable of overcoming any obstacle.
August appears to have been extremely positive as licensed dispensaries recorded over $17 million in sales for the recreational marijuana market. According to the state’s Office of Cannabis Policy (OCP), this translates to a 4.1% growth over July and a staggering 68% increase over last year’s August sales.
Since Maine launched adult-use sales in October 2020, August represented the highest sales total in the state. Nearly 60% of the $17 million collected last month was due to usable cannabis such as flowers, pre-rolls, and more. Concentrates and infused products contributed 23% and 18%, respectively.
Throughout 2022, retailers with businesses in the recreational marijuana market have managed to sell more than $98 million worth of marijuana. This is a big jump of 120% when compared to the same eight-month period last year. August 2021 was the month that accounted for the highest sales, with $10.1 million in transactions.
Even with approximately 10% of Maine municipalities allowing licensed retailers to set up shop in their jurisdictions, the state’s market growth remains steady. According to OCP, today, only 52 towns, cities, and plantations out of approximately 500 municipalities in the state have a retail footprint.