Maine's adult-use cannabis sales surpassed $10 million in August - Press Herald

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Maine’s adult-use cannabis retailers continue to break sales records, with $10.2 million worth of marijuana products sold in August.

The August sales jump was a more moderate than July’s 45 percent increase from June sales, but it marks the first time the industry has reported monthly sales of at least $10 million since the adult-use market launched last fall.

The state’s 53 licensed adult-use retailers reported 133,969 sales transactions totaling over $10.2 million last month, earning the state roughly $1 million in sales tax revenue, according to data released Tuesday by the Maine Office of Marijuana Policy.

Recreational cannabis sales in Maine have climbed steadily since the market launched less than a year ago, with retailers totaling about $1.1 million in sales the first month and setting a new record each month thereafter.

In July, retailers brought in about $9.4 million, smashing the previous record by almost $3 million.

While the Office of Marijuana Policy does not track sales to out-of-state residents specifically, officials have said it is likely that summer tourism has contributed to the recent bump in business.

The adult-use market has reported about $48.9 million in sales so far, earning the state almost $5 million in sales tax revenue since it opened in October 2020 following years of delays.

For comparison, the state’s medical cannabis market reported $250 million in sales last year. More recent figures were not available.

At the start, the industry struggled with limited supply and high costs, but with 53 stores (nine new stores opened in August), 24 manufacturing facilities and 47 cultivation sites, buyers are continuing to see more variety and lower prices on the shelves.

That trend is not likely to change anytime soon – the state has 185 stores, 81 manufacturing facilities and 175 cultivation sites in various stages of the approval process.

Buyers may see prices come down further as more testing labs come online and lower the cost of testing for manufacturers and therefore retailers.

The adult-use program requires a panel of tests for any product sold on shelves, and a round of testing can cost hundreds of dollars. The medical cannabis program does not require testing.

There are three licensed testing labs in the state: Nelson Analytical, Nova Analytic Labs and Catlab LLC, short for Cannabis Analytical Testing Laboratory.

Two others may soon be joining them. Indicative Testing LLC and MCR Labs, which has locations in Massachusetts and Pennsylvania, are both in different stages of the approval process for a testing license.

The average customer spent about $76 per sale in August, a trend that has stayed relatively consistent since at least the start of the year.

Smokable cannabis, usually called flower, continues to account for the majority of sales, capturing about 59 percent of the revenue during the three months ending Aug. 31.

However, that share is down from 76 percent when the market opened and 63 percent in January, likely the result of a product menu that continues to expand and diversify.

Cannabis concentrates and infused products such as edibles and beverages have both seen their share of the market increase this quarter, to 22 percent and 19 percent, respectively, compared with 14 percent and 10 percent in October.

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