World’s largest cannabis company is quietly exiting Maine rec market

by | Mar 15, 2024 | Cannabis

Maine’s recreational marijuana industry faces growing pains, and one symptom may be the departure of a major retail force from the market.

Curaleaf, the world’s largest cannabis corporation, has agreed to sell its sole adult-use store in Maine.

The deal is pending and the company won’t discuss terms. Neither will the potential buyer, Foliage Cannabis Co. But it’s already working out of the Curaleaf space at 343 Gorham Road, South Portland.

The storefront is the second for Foliage, which has been doing business less than a mile away, at 446 Western Ave., for over a year.

The sale was mentioned March 6 when Curaleaf Holdings Inc. (TSX: CURA, OTCQX: CURLF) released its quarterly and year-end financial results. Curaleaf didn’t say much — only that during the fourth quarter of 2023, the company “entered into an agreement to sell our Maine adult-use store.”

Sales are expected to continue to climb in Maine, said Jacques Santucci, president of Opus Consulting Group, which does work in the cannabis, hospitality and tech industries.

But as the recreational market becomes saturated and competition increases, not every cannabiz will survive.

“There are more distressed companies, in Maine and other states, mostly in mature markets,” he said. The market has reached a saturation point in Portland, which has 29 stores, not including those in surrounding cities and towns. 

“There are not that many cannabis buyers,” even with the influx of summertime customers, according to Santucci.

Read the full article at MaineBiz

<a href="https://opuscg.com/about/team/" target="_blank">Jacques Santucci</a>

Jacques Santucci

As the President of Opus Consulting, Jacques brings years of leadership experience in the entertainment, tourism, financial services and technology industries. His expertise lies within business strategy and management, new business ventures, due diligence, accounting, process improvement, financial systems, planning and analysis, and sales and marketing strategy. Prior to founding Opus Consulting, Jacques began his career at Ernst & Young and Universal Pictures in Paris, France. Since moving to Maine in 1999, Jacques has held several executive positions and engaged in an array of consulting assignments. In his free time, Jacques enjoys riding his motorcycle, skiing, traveling, and spending time with his wife and two daughters. Jacques holds a degree from EDHEC School of Management in Lille, France with a concentration in Finance.
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