Coronavirus Delays Maine Recreational Marijuana Market Launch

- Advertisement -
- Advertisement -
- Advertisement -
- Advertisement -

The long-delayed rollout of Maine’s recreational cannabis market is being delayed yet again. On Friday, the state’s Office of Marijuana Policy (OMP) announced that its opening won’t occur this spring, as was the most recently stated goal. The reason is the same for virtually every business hiatus in these times — the rapidly spreading SARS-CoV-2 coronavirus that has put the world economy at a virtual standstill.

On the same day as its announcement, OMP sent a letter to businesses potentially involved in the recreational marijuana trade. In the document, it said that because of the coronavirus the planned spring market launch “is simply unrealistic.”

Jars of marijuana on a dispensary counter.

Image source: Getty Images.

This postponement, in addition to being far from a surprise given current conditions, was previously anticipated by the state. In early March, because of numerous hiccups related to licensing, the revenue forecasting committee in Maine’s legislature pushed back its estimate of the start to June, rather than the previously anticipated March.

Although Maine technically legalized recreational consumption and sale in 2016, it is only now getting around to licensing cultivation facilities and dispensaries in order to create a proper market. Meanwhile, medical cannabis — which was made legal in 1999 — has been a busy market for many years now.

This will probably be the same for recreational, as the state had received nearly 200 applications for licenses to sell, grow, or process it.

Maine hasn’t provided much detail about those applicants. It’s very possible one is Curaleaf (OTC: CURLF), a marijuana company headquartered in nearby Massachusetts. Curaleaf already operates a medical dispensary in the small Maine town of Auburn, and it’s conceivable that it would like to push into the recreational segment too.

On Thursday, Curaleaf’s shares moved more or less in concert with the broader stock market, rising by 1.5% on the day.

Here’s The Marijuana Stock You’ve Been Waiting For
A little-known Canadian company just unlocked what some experts think could be the key to profiting off the coming marijuana boom.

And make no mistake – it is coming.

Cannabis legalization is sweeping over North America – 11 states plus Washington, D.C., have all legalized recreational marijuana over the last few years, and full legalization came to Canada in October 2018.

And one under-the-radar Canadian company is poised to explode from this coming marijuana revolution.

Because a game-changing deal just went down between the Ontario government and this powerhouse company…and you need to hear this story today if you have even considered investing in pot stocks.

Simply click here to get the full story now.

Home of Science
Follow me

- Advertisement -




Why Is PDL BioPharma (PDLI) Up 4.6% Since Last Earnings Report?

It has been about a month since the last earnings report for PDL BioPharma (PDLI). Shares have added about 4.6% in that time frame,...

Biden wins Wyoming’s mail-in Democratic presidential caucus

CHEYENNE, Wyo. — Joe Biden has won Wyoming’s Democratic presidential caucus, which had been postponed for two weeks and scaled back to just mail-in...

Priyank Chopra’s Efforts To Help The Poor

It has often been said that the best place to learn about a person is within themselves. This holds true for Priyank Chopra. A...

This is what air travel could look like in a post-coronavirus world

It’s hard to imagine a return to normalcy any time soon, but the time will come, likely well before we have a vaccine for...

SoftBank Withdraws $3B Tender Offer For WeWork Shares

  SoftBank withdrew its $3 billion tender offer for WeWork shares, citing conditions of the offer not being satisfied. The Japanese conglomerate pointed to WeWork’s failure to receive antitrust...
Home of Science
Follow me