Updated: Aug 5, 2020
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.