Legal Cannabis sales are soaring in Maine as the state has set records for retail in back-to-back months. Pot shops brought in nearly $5.4 million in sales in the month of May, besting the record set in April by more than $1 million.
After an inauspicious start to retail sales, Maine’s marijuana market has steadily increased. When adult-use sales launched in October 2020, six licensed shops serviced the entire state. Consumers also faced limited supplies and high prices. The first month of legal sales brought in just over $1 million.
Since then, the program has expanded, supply has increased and prices have dropped. The state now boasts 34 licensed retailers and the average eighth costs around $49, compared to $56 in October.
During Maine’s record setting May, pot businesses made nearly 72,000 transactions and the resulting $5.4 million in sales brought in around $536,000 in tax revenue.
Since the start of retail sales in the fall of 2020 – four years after Maine voters approved an adult-use program in 2016 – the state has taken in over $2.2 million in tax revenue from approximately $22.7 million in legal sales.
While recreational Cannabis sales are on the rise, the program is still dwarfed by the state’s medical marijuana sales, which topped $22 million in October 2020 alone. The medical pot program has helped Cannabis become Maine’s most valuable crop.
In addition to increased access to retail locations, consumers in Maine have more options than ever when it comes to purchasing pot products. At the start of sales, flower accounted for 76 percent of the market but in May, made up only 59 percent as concentrates and new infused products grabbed a larger share of sales.
Mainers are embracing legal marijuana as no jurisdiction has chosen to entirely opt out of the industry. And as the market continues to grow and sales hit all-time highs, retailers are hopeful that the state has a record shattering summer, with lots of out-of-staters visiting Vacationland and picking up some pot.
