5 Things to know About the Cannabis Industry in Maine
The cannabis industry is thriving in Maine, one of the first East Coast states to legalize recreational cannabis. Four years ago, the state of Maine opened up applications for recreational cannabis business licenses. The cannabis industry in Maine continues to exceed expectations of cannabis consumers and entrepreneurs alike.
Want to be a part of this fast-growing (pun intended) industry? Here are five things you should know about the Maine Cannabis Industry:
1. Maine’s cannabis industry is estimated to reach $300 million in sales by 2024
Maine’s recreational cannabis businesses are expected to make $275 million to $325 million a year in sales by 2024 according to ,,Marijuana Business Daily,,. During the first full year of recreational marijuana business in Massachusetts, dispensaries had more than,, $420 million in sales, showing there is great potential in the Northeast for cannabis businesses.
2. Resident vs. Non-resident: Maine’s on-going debate
For the past two years, Maine’s Office of Marijuana Policy has said it will not enforce Maine’s residency requirement for its recreational marijuana program, which requires all cannabis businesses to be owned by Maine residents. Many Maine cannabis business owners have previously sued, or are currently ,suing the state to enforce the rule, claiming that it is unfair and makes the difficult process of fundraising even more strenuous and competitive for Maine’s cannabis entrepreneurs.
3. Cannabis is catching up to lobster as one of Maine’s best-selling products
Move over lobsters, cannabis is moving up Maine’s economic ladder. Falling just behind lobsters and potatoes, cannabis is now the state’s third best selling product. In 2019, Maine residents bought more than $111.6 million of legal cannabis. According to the Portland Press Herald, that’s more than the sale of blueberries, maple syrup, apples, elvers, herring, and oysters combined.
4. Recreational cannabis is delayed, but medical cannabis is alive and well
Maine’s medical cannabis dispensaries have become a staple part of the state’s medical community. These dispensaries offer cannabis treatments for patients with chronic illnesses, painful conditions and terminal illnesses. There are currently ,,8 medical dispensaries across the state of Maine, and this number will continue to increase since the state is still accepting ,,applications for medical cannabis licenses.
5. Maine is still accepting recreational cannabis licenses!
There is no time to waste! Maine’s recreational cannabis licenses can still be applied for and the state is continuing to award licenses on a rolling basis. Maine’s recreational industry debut may be delayed due to COVID, but it is a great opportunity to participate in a thriving new industry with massive amounts of potential. ,,Connect with Point7, we have helpful resources and a team of dedicated professionals to help your application stand out.
How Can Point Seven Group Help?
The team of cannabis consultants and professionals at Point Seven Group have worked extensively in the U.S. and international cannabis markets and are familiar with the unique challenges of the cannabis industry. Follow us on social media to stay up to date with more cannabis industry updates!
- Indiana Cannabis Legalization: 2024 Update
The Midwest has become a bustling hub for cannabis policy and industry, with states like Michigan, Illinois, and Ohio leading the charge in cannabis legalization. However, Indiana’s stance on cannabis remains a topic of significant interest and debate. As we delve into the status of … - Cannabis Expungement and Social Equity: Proven & Failed Concepts
In the realm of cannabis expungement and social equity, examining both proven and failed concepts is crucial for understanding the complexities of justice reform and equity within the cannabis industry. Proven concepts include initiatives such as automatic expungement processes, which streamline the clearance of certain … - Washington Cannabis Expungement & Felonies
Discover comprehensive insights into the Washington cannabis expungement process through these detailed and informative Frequently Asked Questions (FAQ). How did Washington handle expungements for cannabis? Through the Marijuana Justice Initiative, individuals convicted of misdemeanor marijuana possession offenses who were 21 years or older at the …