Maine’s Adult-Use Cannabis Sales Soar, Setting New Records

Maine’s adult-use cannabis industry is experiencing exceptional growth, with record-breaking sales in recent months.

In August, 130 adult-use retailers reported over $21.6 million in sales, generating $2 million in sales tax revenue for the state, reports the Portland Press Herald. This surge follows a trend of monthly sales records being consistently broken, with the industry on track to surpass last year’s total of $158 million, having already reported about $140 million in sales this year.

The industry’s progress is marked by improved variety and lower prices, thanks to 130 stores, 66 manufacturing facilities, 89 cultivation sites, and four testing labs now in operation. Smokable marijuana flower prices have significantly dropped from $16.68 per gram at launch to $7.83 per gram in August. Smokable cannabis remains the dominant product, accounting for 58% of August’s revenue, but the market has expanded with more concentrates and infused products.

However, concerns about market saturation loom as more stores and facilities enter the market. Oversupply challenges may affect both the adult-use and medical cannabis markets. Some hope for tax relief with potential Schedule III classification and excise tax reforms, but discussions on these issues are ongoing in the state legislature.