As the price of cannabis drops in Maine a number of groups are looking into whether there is a way to solve the issue of oversupply in the industry. While lower prices are celebrated by consumers it often makes it difficult for smaller cultivators to compete. The current price of cannabis in Maine is roughly $8 a gram. Maine lawmakers are debating whether the state should stop issuing licenses if the price of cannabis drops another 20% below last year’s figures. A different proposal would limit future cultivators to 7,000 square feet to prevent large cultivators from outproducing smaller outfits. According to reporting from Portland Press Herald, Maine’s top cannabis regulator John Hudak explained that the level of sales are falling behind the increased production. The hyper competitive market has also impacted cannabis caregivers with roughly one-third of them letting their licenses expire since 2021.
Find the full story from the Portland Press Herald on their website here: https://www.pressherald.com/2023/04/22/lawmakers-eye-limits-on-growers-to-keep-marijuana-boom-from-going-bust/
