Consumers have enjoyed lowering prices over the past few years, to operators’ chagrin.
Maine marijuana retail revenue eclipsed $200 million in 2023 after cannabis companies in the state sold more than $19 million worth of product in December alone, the state’s Office of Cannabis Policy reported this week.
The year’s $216.9 million in sales represents growth of 36% increase over the previous year’s $159 million mark, with more than 3.7 million transactions, according to data from the Maine Department of Administrative and Financial Services.
Rising revenue last year, however, came against the backdrop of falling prices as a glut of product in the crowded market threatens operators’ profits.
The price of cannabis has been trending down since its peak during the program’s rollout in 2020 and dropped about 16% over the year from $9.23 to $7.77 in 2023.
Even so, the state hit its sales record in August, with revenue totaling $21.6 million for the month.
A breakdown of the December sales shows more than 338,000 transactions, which includes:
$11.3 million in traditional cannabis products
$5 million in concentrates
$3.1 million in infused products.
Medical sales have fallen since the state launched licensed adult-use sales in October 2020, though the program has seen more than its fair share of issues after a state report concluded that nearly half of the medical cannabis commercially available in that market was tainted with yeast, mold, pesticides, or some other contaminant.
New Frontier Data previously estimated that Maine’s adult-use market will top around $243 million in annual revenue in 2025.
Read More Feedzy
