Maine's legal adult use cannabis generates $65 million of economic activity in first year: Study
The adult use cannabis market in Maine generated about $65 million in economic activity and 900 jobs in its first year, according to a study made public on Monday by Colby College's Laboratory for Economic Studies. Retail sales totaled about $58.5 million between October of 2020 and September 2021 and generated about $8.8 million in sales and excise tax revenue. Sales grew about ten times during the period to $10 million in September, 2021, from $1 million in the first month. The AdvisorShares Pure US Cannabis ETF is up 0.5% on Monday, but down 17.5% this year, compared to a year-to-date loss of 7.4% by the Nasdaq.
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