Missouri poised to be nation’s 6th largest legal cannabis market with more than $470 million sold in first 4 months
According to the Missouri’s Division of Cannabis Regulations, Missouri has sold $471.1 million of marijuana in the first four months since adult use sales began in February. In May alone, Missouri dispensaries sold $120.9 million of cannabis, including $92.6 million in adults use sales and $28.3 million in medical marijuana sales.
According to the Cannabis Business Times, Missouri is poised to become the nation’s sixth largest legal cannabis market. “At its current pace, Missouri, with a population of roughly 6.2 million people, will eclipse $1.3 billion in total cannabis sales in 2023. Only five adult-use states—California, Michigan, Illinois, Colorado and Massachusetts—will likely have larger sums this year.” The publication also noted that Missouri “… is already outperforming a pack of legacy markets out West, including the likes of Washington, Oregon and Nevada.”
“Missouri’s quick accension into a top-six cannabis market shows that the recipe of low-tax, customer-friendly access, and tremendous community buy-in, is maximizing this industry’s impact on the Missouri economy,” said Andrew Mullins, MoCannTrade Executive Director. “Cannabis sales have already generated $100 million in revenue to Missouri, with total sales of $1.2 billion, and more than 15,000 direct jobs created. After just the first four months of adult use sales, it’s apparent that Missouri is proving to be one of the most successful launches of a new marijuana market in the country’s history and a roadmap for other states to follow.”
Unlike in other states where local governments have sought to ban adult use marijuana sales, communities across the state are embracing having the economic benefits of Missouri’s newest $1 billion industry as part of the local economy. In April, hundreds of Missouri cities and counties voted in support of local marijuana sales tax ballot measures. Missouri has now surpassed 15,000 direct jobs in the industry, and early indications are that these jobs pay higher than cannabis jobs in many other states.
When Missourians approved marijuana legalization by more than 127,000 votes in November, Missouri also became the first state in the nation to automatically expunge past, nonviolent marijuana offenses by a vote of the people. Already, more than 44,000 past, Missouri cannabis offenses have been automatically expunged, with that number expected to rise quickly in the coming months. Part of the 6% sales tax Missourians pay on adult use cannabis sales goes to fund these automatic expungements.
MoCannTrade (The Missouri Cannabis Trade Association) is an association of business owners, professionals, patients and consumers responsible for helping to implement successful, safe, compliant medical and adult use cannabis programs in Missouri.
The membership-based association is directed by a board of diverse professionals experienced in cannabis production and retail, healthcare, law, pharma, science, agriculture, law enforcement and security, finance, public affairs and regulatory sectors.
To learn more about MoCannTrade please visit www.mocanntrade.org
