Symbolism:

• The pine tree in the middle is taken from Maine’s ensign and is a prominent symbol of Maine.
• The pine green stripe represents Maine’s forest.
• The star in the top left is taken from Maine’s old flag and represents the North Star, which itself symbolizes Maine’s motto, “Dirigo” (meaning “I lead”).
• The buff is taken from Maine’s old flag.
• The red symbolizes the state’s presence in New England.

EDIT: Fixed an error.