Maine’s marijuana industry booming no thanks to banks

The cannabis industry in Maine is a big money-maker, make no mistake about it. In 2020, Maine’s medical marijuana industry generated $266 million in sales, according to Maine Revenue Services, surpassing sales in the state’s traditional leading cash crops of blueberries and potatoes.

In its first year — September 2020-September 2021 — recreational cannabis, or “adult-use” as the state of Maine refers to it, generated $58.5 million in sales revenue, $8.8 million in sales excise tax revenue and $65 million in direct and indirect spending by businesses and employees associated with the industry. From January 2021-December 2021, gross sales of recreational cannabis topped $81.8 million.

The growth rate is nothing short of phenomenal and is documented and analyzed by student researchers at Colby College in the first detailed economic study of Maine’s recreational marijuana industry. With growth rate estimates between 20-25% per year, it’s not hard to figure out where the industry is headed.

“Maine’s adult-use cannabis industry continues to be one of the fastest growing segments of the state’s economy,” said Erik Gundersen, director of Maine’s Office of Cannabis Policy. “The growth of the industry shows consumer demand for cannabis and cannabis products.” [Read more at Sun Journal]