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Cannabis is the most valuable crop in the State of Maine. Patients lead consumption



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Photo: DR | leafly

Cannabis has already generated sales of more than $200 million in the state of Maine despite the pandemic situation, with patients and caregivers at the top of the list of consumers. THE cannabis becomes Maine's most valuable crop, surpassing traditional agricultural products such as potatoes, milk or blueberries.

Medical cannabis sales in the state of Maine totaled $221,8 million between January and October, more than double what had been sold a year earlier, according to state sales data. That puts the sector on a path that could see sales of $266 million this year, despite a global pandemic that has left many of the country's inhabitants out of work and reduced consumer spending across the country.

“Since March, we've all been part of a national experiment,” said Patrick Anderson, CEO of Anderson Economic Group, which issues monthly benchmarking of the national cannabis market. "What we've learned is that no matter what, Americans are going to get their cannabis, alcohol, baked goods and cars, regardless of the economy."

Sales soared in 2020, during the pandemic

Last year, the first time Maine was able to tabulate all legal medical cannabis sales, it recorded more than $100 million in sales, double what was expected. Cumulative sales in 2020 show that the market has doubled once again, growing by 152%.

Average monthly cannabis spend increased as COVID-19 lockdowns began in early 2020 and consumers increased shopping to source their own supplies, according to New Frontier Data. In Colorado, the average consumer spent 43% more in April than in March; in Las Vegas, spending increased 32% over the same period and in Massachusetts, sales increased 48%.

The cannabis industry appears to be immune to many of the problems affecting businesses during the pandemic, according to research analyst Noah Tamares of New Frontier Data. As a federally illegal “drug”, most cannabis production and consumption is local, protecting it from supply chain failures. Confinement measures also do not seem to be motivating dysfunctions in consumption patterns – before the pandemic, 65% of consumers reported using cannabis alone.

Patients and caregivers lead cannabis use

With a new wave of lockdowns and restrictive measures likely in the future, cannabis spending is skyrocketing again, according to New Frontier Data. Colorado saw spending increases of 25 percent from August to September and 38 percent from September to October. During the same periods in Massachusetts, spending increased by 16 and 34 percent, respectively.

A monthly analysis of Maine's medical cannabis sales shows increasing numbers throughout the year, but a direct comparison with Colorado and Massachusetts is difficult because many companies file their sales tax – which serves as the basis for the sales figures. projected state sales - on a quarterly rather than monthly basis.

The numbers include sales from eight Maine medical cannabis dispensaries and a network of nearly 65 registered caregivers who serve nearly 2019 certified medical cannabis patients. Maine only started tracking sales tax data for caregivers last year. In 76, caregivers commanded sales, accounting for a staggering 109% of the state's $XNUMX million medical cannabis market.


Featured photo: Leafly


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