Maine netted more than $ 5 million in adult cannabis last month

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Last month, Maine’s legal retailers sold more than $ 5 million worth of cannabis for the first time in the state’s history.

During the month of May, the state’s 34 licensed stores sold nearly $ 5.4 million worth of legal cannabis, bringing the state around $ 536,000 in tax revenue. Retailers made a total of 71,843 transactions that month with an average purchase of around $ 74 per sale. Smokable flowers made up 59 percent of total sales, edibles and infusion products made up an additional 23 percent, and concentrates rounded off the last 18 percent.

Crossing this $ 5 million milestone is a welcome relief for Maine’s adult cannabis businesses frustrated by years of delays. Pine Tree State legalized adult cannabis back in 2016, but former Governor Paul LePage and other GOP politicians did everything in their power to prevent legal cannabis sales. It finally took four years for the state to legislate on adult use regulations.

Retail sales finally began last October, and the state’s first six pharmacies managed to sell $ 1.4 million worth of cannabis by the end of that month. Since then, the stores have broken a new sales record every month. The May record is definitely the most impressive of these jumps, beating the April record by over $ 1 million. Since sales began, the adult market has totaled $ 22.7 million in sales, grossing over $ 2.2 million in taxes for the state.

It’s great to see Maine’s adult consumption industry growing steadily after years of delays, but there is still a long way to go to keep up with other states’ legal pot markets. In March alone, Illinois sold over $ 109 million worth of pot, nearly five times more than Maine sold in seven months. And in Colorado, one of the first states to legalize recreational pot, pharmacies sold $ 562 million in cannabis in the first three months of 2021.

But while the market for adult use is growing slowly, weeds are actually the state’s most valuable crop. Maine’s medical marijuana industry proved far stronger than the recreational market with over 65,000 registered patients and 3,000 caregivers last fall. Last year, the state’s medical marijuana market generated over $ 250 million in sales, more than local potato, dairy, or blueberry growers sold.

Adult sales are expected to grow exponentially as new stores and growers go online and the tourist season begins. The state’s third licensed testing lab just opened its doors last month, and regulators are also working to approve 239 additional adult deals. The average price of flowers has also dropped from $ 56 per eighth last fall to $ 49 per eighth today, which will likely encourage customers to stock up.

Erik Gundersen, director of the Office of Marijuana Policy, told the Portland Press-Herald that state licensees for adult use have been particularly “innovative and resilient” in their efforts to weather the pandemic and excessive licensing delays. “As our state prepares to welcome visitors during the summer tourist season, I am confident that they will continue to work to maintain the high standards we have to protect the health and safety of the public.”