The state’s adult-use cannabis industry brought in nearly $60 million in its first year, but some fear market saturation and mega-competitors from out of state.
One year after Maine launched its legal adult-use cannabis market, industry members say they’re encouraged by the market’s rapid growth, but they also shared worries about the possibility of market saturation, an influx of out-of-state corporate interests and continued issues with high prices.
In just under a year, Maine’s recreational cannabis industry has brought in nearly $60 million, according to data released by the Maine Office of Marijuana Policy. While that figure can’t match the $250 million in 2020 sales generated by Maine’s more mature medical cannabis market, monthly sales in the adult-use market have grown rapidly since its launch on Oct. 9, 2020, edging downward just a bit in September to $9.7 million as summer tourism waned.
Industry participants are excited by the seemingly exponential growth in the long-awaited recreational program’s inaugural year, but some worry that at some point, with more stores being added all the time, the market will become saturated or continued high prices will make it harder to compete against larger corporate sellers with deeper pockets.
September’s sales dip from the industry’s August peak of just over $10.2 million marked the first time the numbers have trended downward.
Erik Gundersen, director of the Maine Office of Marijuana Policy, said he is encouraged by the industry’s growth over the past year. [Read More @ The Press-Herald]