Cannabis is now Maine’s most valuable crop, besting the state’s signature agricultural products such as potatoes, milk and blueberries.
Medical marijuana sales totaled $221.8 million from January through October, more than double what had been sold by this time last year, according to state sales tax figures. That puts the industry on pace to hit $266 million in sales this year despite a global pandemic that has put many Mainers out of work and depressed consumer spending nationwide.
“Since March, we have all been participating in a national experiment,” said Patrick Anderson, CEO of Anderson Economic Group, which issues a monthly national marijuana market benchmark. “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.”
The boom follows a record-breaking year for the industry in 2019. Last year, the first time that Maine was able to tabulate all legal medical marijuana sales, Maine recorded more than $100 million in sales, twice as much as anyone expected. Year-to-date sales in 2020 show the market has doubled yet again, growing 152%.
Average monthly spending on cannabis spiked when COVID-19 lockdowns began in early 2020 and consumers rushed to stockpile a stash, according to New Frontier Data. In Colorado, the average consumer spent 43% more in April…
