Recreational cannabis sales brought in roughly 36% more revenue last year than in 2022, but industry members say it’s not necessarily a cause for celebration.

Store owners across the state say the market is oversaturated, and the boost in sales comes from more stores opening rather than shops raking in money.

The state’s licensed adult-use retailers reported more than 3.7 million sale transactions totaling $217 million, according to data released Monday by the Maine Office of Cannabis Policy. The 2022 total was $159 million.

Last year’s sales earned the state $21 million in tax revenue. John Hudak, director of the office, said the 2023 numbers paint a two-sided picture. “The sales numbers are up almost 40%. That’s a strong testament to how the industry continues to grow,” he said. “But hidden in these numbers, too, is a pretty significant decrease in price.”