Maine Rec. Cannabis Sales Surpass $10M For The First Time, Bringing $1M In Tax Revenue

Maine’s recreational cannabis sales just hit a new all-time monthly high of $10.2 million in August. 

Since the launch of its adult-use marijuana program in October 2020, revenue figures have been climbing each month. In July, sales reached $9.4 million, beating the previous record by almost $3 million, only to surpass the $10 million mark this August.

What happened 

The state’s Office of Marijuana Policy released the figures Tuesday revealing 133,969 sales transactions made by 53 licensed adult-use retailers in Maine, reported the Portland Press Herald.

The $10.2 million figure translates into $1 million of tax revenue. 

In total, recreational cannabis sales amounted to $48.9 million since its launch in the state, bringing around $5 million in tax revenue. For comparison, the medical marijuana program has seen sales of $250 million last year. 

Cannabis flower was the most sought-after product, accounting for the majority of sales or 59% of the revenue during the three months ending August 31, 2021. 

How it happened 

Even though there is no data that reveals how much out-of-state residents have contributed to these transactions, officials believe that summer tourism had significantly helped sales.

What’s next 

When it launched, the industry suffered from a lack of supply and what was available had high price tags. But now, there is far more diversity and plenty of outlets in the form of 53 cannabis shops, 24 manufacturing facilities and 47 cultivation sites. There are also 185 stores, 81 manufacturing facilities and 175 cultivation sites in various stages of the approval process, reported the Portland Press Herald.

Products are expected to become less expensive as more testing labs begin to operate and lower the costs of their services, which should further boost sales. 

Photo: Courtesy of Pepi Stojanovski on Unsplash