Recreational Cannabis sales should be legal until the end of this year

Maine announced this week that the state is well on its way to bringing legal cannabis to people age 21 and older by the end of the fiscal year. Last Tuesday, the Marijuana Policy Bureau announced that 27 companies are in the final stages of licensing and approval to open fully. After a final review of the state, including security and operation plans and an official inspection, companies will be ready to go into operation, which will mark the start of recreational cannabis in the state. The introduction of recreational cannabis in Maine has been delayed several times, and that final delay was of course due to the COVID-19 pandemic. The state originally planned to introduce adult cannabis use in June, but this was postponed when the industry closed and was quarantined. Instead, the focus shifted to future projections. It is now planned to open a few pharmacies, test laboratories, breeding facilities and production laboratories at the end of the first quarter, around the end of September or beginning of October. Director Erik Gundersen of the Marijuana Policy Bureau said the appointment will give the industry time to grow and test their products to ensure high quality for their first legal run. Maine will not start their legal industry until they have complete confidence in the cannabis produced and can safely say that all industry standards are being followed. "Our intention is to start the system," he said. "But it will be a slower start than we originally planned before the COVID. I don't know when, but we should get to where we expected before the COVID. While the state is expected to earn less than originally forecast, namely $ 84 million in fiscal year 2021, Maine is expected to earn $ 118 million in fiscal year 2022, the first fiscal year in which the industry will be fully operational. Cannabis sales are also expected to reach $ 166 million by 2023, which is a huge boost for the industry and for the state at large. Maine is also confident about this recovery and these projections as its medical cannabis market, while small, is already doing good business. Sales in 2019 averaged $ 10 million a month, despite the fact that the market is only accessible to patients with a card. In addition, many predict that once recreational cannabis becomes legal, medical patients will also migrate to the recreational market for its simplicity and convenience. In addition, the 27 companies approved so far are only the tip of the iceberg. A total of 342 companies have applied for licenses. 151 of these are in phase two, i.e. they have a conditional state license and need a local license, and 164 are in phase one pending license. Once this system is streamlined, the industry will get even bigger. While Maine's recreational market is certainly slow, it is clear that once they open their first acreage, shops, and test sites, they will be on the road to success.