Many states experienced an increase in cannabis sales after the COVID-19 pandemic was in full swing, and Maine is no exception to that repeating pattern. In 2020, medical cannabis consumers in the state spent more on product than last year.
In total, medical cannabis sales reached $221.8 million, according to a range of data spanning between January and November 2020. This includes data collected from eight medical cannabis dispensaries and 3,000 caregivers who assist the state’s 65,000 medical cannabis cardholders. Overall, this year’s medical cannabis sales figures are twice the amount from 2019 sales records. “Since March, we have all been participating in a national experiment,” said CEO of Anderson Economic Group, Patrick Anderson, to Press Herald. “What we’ve learned is that no matter what, Americans are going to get their cannabis, alcohol, baking supplies and cars, regardless of the economy.” This data does not include recreational cannabis sales data, which collected $1.4 million in sales during its first month (the program officially launched on October 22).
According to New Frontier Data, Maine is one of many states that are experiencing an increase in sales. States with recreational industries, such as Massachusetts (sales increased by 48 percent) and Colorado (sales increased 43), also experienced major surges in sales during the months of the pandemic. “New Frontier Data estimates total 2020 U.S. legal cannabis sales to exceed $20 billion, with post-election expansion and existing state markets to combine for a projected compound annual growth rate (CAGR) of 21 percent, to reach $41.5 billion by 2025,” New Frontier Data said in a report. “Since U.S. pandemic-related lockdowns began last March, legal cannabis sales nationwide have skyrocketed, with sustained sales growth through Q3-2020.”
This definitely spells success for the future of the Maine medical cannabis industry, which will no doubt expand as the recreational cannabis industry continues to thrive.
