From 2021 to 2022, Sales of Cannabis in Maine nearly Doubled

Last year’s sales of cannabis for adult use in Maine nearly surpassed the sales from 2021, the first full year of sales. This was reported by the Portland Press Herald. According to data from the Maine Office of Cannabis Policy (OCP), adult-use sales in 2022 will total $159.1 million. The sum in 2021 was $82 million. Last year, more than 2.5 million purchases were made in Maine stores.

 

Director of Operations John Hudak stated, “The growth reflects the significant economic impact that legal cannabis continues to have in the communities that have opted into the system, and the system is creating jobs, helping revitalize communities, and having a positive economic impact on businesses that help the industry function.”

 

About $16 million in taxes were collected from sales to adults in the state in 2021. 114 stores, 56 factories, 87 farms, and 3 labs have been granted licenses in the state. According to the report by Ganjapreneur, there are 97 stores, 48 manufacturing facilities, 75 cultivation sites, and 2 labs all waiting for final certification.

 

Kaspar Heinrici, who is in charge of business development at Seaweed Co., says that the growing market and growing number of products have led to “growing sophistication.” Consumers now have a better idea of what they want and how to get it.

 

There has been a growth in the amount and variety of edible marijuana products, he said, but sales of the drug remain dominant.

 

Heinrici says that the company’s sales have doubled, but that’s not because it has more customers. Instead, it’s because it has a bigger footprint. The number of sales may potentially decrease as more stores open.

 

And yet, the availability of testing facilities has not kept pace. Heinrici claims that testing costs are exorbitant to begin with and that the fact that only three labs are authorized to serve 114 businesses means that consumers pay more.

 

That cost is passed on to customers, driving up costs and making the recreational sector less competitive than the medicinal industry. Medical marijuana in Maine is not required to undergo testing.

 

The average price of flower in the state has decreased from $16.68 per gram at market launch to $8.18 per gram as of December, indicating that the sector is maturing and prices are falling.

 

Click here to subscribe to NECANN today!