Marijuana yet again proves to be a cash cow, this time becoming Maine's most lucrative agricultural commodity.
Between January and October, medical marijuana sales in Maine reached 221.8 million, representing over two times the revenue generated in the last year over the same period.
Maine currently has eight medical marijuana dispensaries, close to 3,000 registered caregivers serving over 60,000 certified medical marijuana patients.
Maine is renowned for its blueberry and potato industries, producing a whopping 99% of the United States' blueberry supplies. The most recent figures around Maine's medical marijuana sales make marijuana the most lucrative agricultural commodity in the state, surpassing the $184 million generated from potatoes and $26 million for blueberries last year.
Comparatively, the sales figures enjoyed by Maine in its first month of recreational marijuana sales are minor when compared with states like Illinois, which brought in nearly $40 million in its first month of legal sales. More recently, Illinois's cannabis sales climbed to $75 million in October.
Other states have also seen enormous revenues generated through legal cannabis, such as Michigan, which brought in nearly $440 million in its first year of cannabis legalization, and Colorado, which brought in over $218 million in August alone.
As we've discussed before, the economic benefits of cannabis legalization are becoming increasingly obvious due to increasing revenues felt by a growing number of states that legalize the plant. This will be further compounded when revenues from Arizona, Montana, New Jersey South Dakota, and Mississippi are tallied, following their legalization of cannabis in November.
Now, as the House of Representatives seeks to pass the MORE (Marijuana Opportunity, Reinvestment & Expungement) Act and a new medical marijuana research bill, 2020 may shape up to be one of the most important years in history for cannabis legalization.
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