Corporate attorney Doug Ginn outlines important considerations for buying or selling a cannabis business.
Maine Revenue Services published updated documents explaining requirements and exemptions for both medical and adult use marijuana establishments.
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.
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.
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.