Navigating Mergers and Acquisitions in Maine’s Cannabis Industry
Corporate attorney Doug Ginn outlines important considerations for buying or selling a cannabis business.
Category: Tax
New Sales Tax Guidance for Maine Marijuana Businesses
Maine Revenue Services published updated documents explaining requirements and exemptions for both medical and adult use marijuana establishments.
Tobacco Licenses Required for Maine Cannabis Businesses Selling Certain Products
All stores must obtain a retail tobacco license in order to sell items like vape cartridges/batteries, rolling papers, pipes, and other smoking paraphernalia. Electronic smoking devices are also subject to an additional 43% excise tax.
First Recreational Marijuana Sales in Maine
The six stores that launched sales on October 9 generated $258,411.58 in sales dollars and $25,841.16 in total sales tax revenue to the state collectively over the long weekend, according to the Office of Marijuana Policy.
Maine Adopts Emergency Rule to Allow Wet Weight Conversion for Excise Tax
The change allows for a 75 percent conversion rate for wet weight to dry weight on an excise tax that is calculated per pound of marijuana.