Banking & Finance

Maine Sees Big Marijuana Sales Jump For July, Topping $9 Million

Maine Sees Big Marijuana Sales Jump For July, Topping $9 Million

For the month of July, Maine’s adult-use cannabis retailers sold over $9 million worth of marijuana products, topping the previous month’s record by 45 percent. Retailers are attributing this massive surge to summer tourists taking advantage of the state’s legal cannabis market. 44 of the state’s licensed adult-use retailers reported 124,004 sales transactions totaling over $9.4 million last month, earning the state roughly $943,500 in tax revenue. Recreational cannabis sales in Maine have climbed steadily since the market launched less than a year ago, with retailers bringing in about $1.1 million in the first month and setting new records each month after.

Aside from smashing the previous record by nearly $3 million, July was also the first month that the adult-use market has matched the medical program in sales. In a typical month in 2019, the most recent data available, medical cannabis providers in Maine reported an average of $9.4 million in product sales.

The adult-use market has reported about $38.7 million in sales so far, earning the state more than $3.8 million in sales tax revenue since it opened in October 2020, following years of delays. The office’s director of engagement and community outreach, David Heinrich, said, “While the Office of Marijuana Policy does not track sales to out-of-state residents specifically, it’s likely that summer tourism, market growth, and the Fourth of July holiday all contributed to the sales increase.”

He goes on to say, “The department does not take a position on the legalization of cannabis, it is ‘encouraging’ to see people migrate from the black market to the legal market ‘as access to adult-use cannabis improves.'” Owner of Origins Cannabis Co. in Manchester, David Vickers, wasn’t surprised by the sudden sales increase in July. He said, “It’s been a rocket ship, it certainly has taken off…Every month has been building on the month before.” Vickers also owns a medical and recreational shop, and said that the markets are starting to align more closely than they did when the adult-use market first launched.

He continued, “Recreational is catching right up, I think we’ll continue to see a nice growth. There’s more selection, a better price point [than before], and the market is settling. I think every day, people become more and more aware that cannabis is pretty awesome.” It’s great to see that business is booming for states that are newly recreational.

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