In August 2021, a federal judge ruled it unconstitutional for Maine regulators to exclude out-of-state companies from operating medical cannabis dispensaries in the state. Additionally, in the same month, the Office of Marijuana Policy announced the introduction of new applications intended to assist business owners operating within the state of Maine's Medical Use of Marijuana Program.
While adult-use has been legalized in Maine since October 2020, many municipalities chose to opt-out of adult-use. In 2021, 90% of municipalities opted-out of adult-use all together. That number has been coming down over the past few years but still has a long way to go.
Maine Governor, Janet Mills, signed a bill in 2023 enabling licensed operators to take state tax deductions, providing some tax relief to the cannabis operators.
There is no notable activity at this time.
Maine's adult-use sales began in October of 2020. November of that year saw ~$1.3MM in cannabis sales. That number has ballooned in the last 2 years with July of 2023 seeing ~$20.9MM in sales.
Growth is expected to continue in Maine and prices have stabalized. Without the presence of license limits, there are opportunities for MSOs to join in the growth that Maine's cannabis market is experiencing especially as municipalities begin to opt-in to adult use sales.
*Multiple licensing tiers for cultivation. Tier 1 allows a canopy of 500 sq.ft., Tier 2 allows for a canopy of 2K sq.ft., Tier 3 allows for a canopy of 7K sq.ft., and Tier 4 allows for a canopy of 20K sq.ft.