Maine adult-use marijuana was legalized back in 2016. This was a decision Maine residents had expected for quite a long time. According to the Adult Use Marijuana Law, adults 21 and more years old are allowed to possess 2.5 ounces of cannabis products. However, cannabis retail sales did not start immediately. After an extended and stretched delay, they finally began on October 9, 2020.
Once the retail stores were available, cannabis sales hit an unprecedented record. When the sales first started in October 2020, during the first month they generated $1 million. After only a year, the sales of adult-use marijuana jumped to $10 million, growing uncontrollably on monthly basis.
Now, in 2022, recreational marijuana is still all the rage, constantly generating exceptionally high revenue. In August, the overall sales of marijuana were estimated at around $17 million, which in itself is an astonishing 68% increase as compared to the same month of the previous 2021 year. According to the Maine Office of Cannabis Policy (OCP), so far, in the current year retailers have faced about a 120% sales increase compared to the 2021 same period.
Moreover, marijuana sales show steady growth on monthly basis, registering around a 4% rise every month.
Yet, this notable result is achieved when there are only a very small number of towns and cities in Maine with immediate access to retail stores. This means that with the increase in the business, the revenue might hit another peak.
In the state, the approximate dry flower retail price is $248 per ounce. It is worth noticing that the price has dropped considerably. According to the numbers represented by the Office of Cannabis Policy, only a year ago the price of the dry flower was around $360. Thus, there is a striking $120 decrease, which is an essential difference. This fact allows us to conclude that in time cannabis will become more available and affordable.
For now, the situation is more than satisfying and promising, and it seems like the efforts of both the authorities and retailers have proved to be successful.