Missouri medical cannabis sales set new monthly record in April
With $36.76 million in monthly retail sales, industry settles into million-dollar daily average
Buoyed by a one-day record on the 4/20 holiday, the Missouri medical cannabis industry once again broke a monthly mark in April with nearly $37 million in retail sales.
Cumulative program sales sit at $335.8 million since the first dispensary opened in mid-October 2020 — nearly half of which has been generated in the past six months. With average daily sales now above $1 million, annual revenue is on pace to exceed $360 million for 2022.
As noted previously, industry watchers attribute much of the recent growth to more competitive, patient-friendly pricing.
“With more variety, more selection, more choice, and more patients, the industry celebrated a milestone of its success” on April 20, industry publication Greenway wrote recently, noting $2.85 million in one-day sales on the unofficial cannabis celebration. “Facilities around the state played host to patients and guests for specialty pricing, educational events, and celebrations of cannabis culture for a mid-week holiday.”
As of May 6, the Missouri Department of Health and Senior Services had approved the opening of 188 dispensaries, 69 infused product manufacturers, and 48 marijuana cultivation facilities.
Overall, 335 such facilities have so far been approved to operate, now serving more than 185,000 patients and caregivers.
The state agency has licensed and certified a total of 390 facilities to cultivate, manufacture, test, transport and dispense medical marijuana to Missouri patients. That includes 203 dispensaries — 11 more than the legal minimum of 192 such retail outlets — and 63 cultivation facilities, which is three more than the legal minimum.
As of Monday, May 2, the state reported issuing 7,853 of the required state agent ID cards to work in medical cannabis facilities. All but 200 of those jobs have been added in the past year, with the medical cannabis industry accounting for nearly one in 10 new Missouri jobs statewide in 2021.
The medical cannabis industry’s growth in Missouri comes as organizers of the Legal Missouri 2022 campaign on Sunday submitted petitions with nearly 400,000 voter signatures seeking a vote later this year on a proposal to regulate, tax and legalize marijuana for adult use in the state.
Under Article IX of the state Constitution – approved by state voters via a 2018 citizen’s initiative petition — Missouri residents with cancer, epilepsy, glaucoma and 20 other qualifying conditions can purchase or cultivate medical cannabis with a physician’s certification.
The law also provides physicians with the discretion to certify patients who have other chronic and debilitating medical conditions that could benefit from medical marijuana, and legally protects their right to have such conversations.
MoCannTrade (The Missouri Medical Cannabis Trade Association) is an association of business owners, health care providers, professionals, patients and residents responsible for helping to implement a successful, safe, compliant medical marijuana program in Missouri.
The membership-based association is directed by a board of diverse professionals experienced in medical marijuana, healthcare, law, pharmaceutical, science, agriculture, law enforcement, security, commercial real estate, finance, public affairs and regulatory sectors.
To learn more about MoCannTrade please visit www.mocanntrade.org