Maine medical cannabis sales climb to $222 million through October

Bethan Rose Jenkins, Cannabis News Writer/Editorial

Between the months of January and October, Maine’s medical cannabis market generated $221.8 million. This is according to recently published sales tax data, which suggests that cannabis is officially the most lucrative crop in Maine; outpacing blueberries, hay, milk and potatoes.

The figures for Maine’s medical cannabis market indicate that the state’s economy could undergo a huge windfall in the coming years, what with sales of recreational cannabis only just beginning two months ago. 

Furthermore, the data represents colossal growth for Maine’s medical cannabis market this year. In 2019, this segment of the market attracted $109.2 million worth of sales less than the amount of sales revenue generated within the first 10 months of 2020.

Sales information was pulled from dispensaries and registered medical cannabis caregivers in Maine, where caregiver sales constituted 76 percent of the market in 2019. The Maine Office of Marijuana Policy (OMP) revealed that the total number of registered caregivers hit 2,981 by November 30.

Medical cannabis sales in Maine have grown 152 percent since last year

In comparison with state tax figures released during the same time period last year January through October medical cannabis sales in Maine have more than doubled in 2020.  

The continued success for Maine’s cannabis industry has been consistent since 2019 – one of the most impressive years for legal medical cannabis sales so far. 

More than $100 million was recorded in sales during 2019 double what was initially expected and year-to-date sales demonstrate that the market has grown 152 percent. Moreover, a total of $1.4 million worth of product was sold the month after legal adult-use cannabis sales launched on October 9, according to the OMP.

Maine cannabis spending grew throughout COVID-19 pandemic 

If analyst predictions are correct, Maine’s medical cannabis industry will soar to $266 million in sales by the time the year is up; despite the coronavirus pandemic costing many Mainers their job and mainstream businesses their customers. 

The pandemic has certainly tested the cannabis industry, with most retailers having been forced to adapt to social distancing regulations; e.g by offering their customers pickup and curbside delivery services.

Since March, we have all been participating in a national experiment,” said the CEO of Anderson Economic Group, Patrick Anderson. His company is renowned for issuing a monthly national [cannabis] market report. “What we’ve learned is that no matter what, Americans are going to get their cannabis, alcohol, baking supplies and cars, regardless of the economy.”

Hordes of medical cannabis patients have been flooding through dispensary doors to procure their medicine as an anxiety relief, say experts. Considering the latest sales tax data and proof of ongoing consumer demand, cannabis is now deemed to be the state’s most valuable agricultural commodity.