Missouri marijuana market continues strong growth trend
In June 2023, Missouri’s legal marijuana market continued to thrive, with monthly sales reaching $121.30 million.
This marks the fifth consecutive month in which dispensaries in the state surpassed the $100 million milestone in combined sales.
Since the first legal sale in October 2020, Missouri has achieved cumulative sales of more than $1.23 billion, with roughly one-third, $444 million, of the total coming from adult use sales since February 2023.
Beginning in February with the launch of recreational sales, retail numbers skyrocketed to north of $100 million for the first time, and have not subsided since.
February saw retail sales of $102.90 million. March followed suit with a surge in sales, reaching $126.20 million, further solidifying Missouri’s position in the cannabis industry as a top performer.
April and May maintained the momentum, with sales totaling $121.10 million and $120.90 million, respectively.
June sales numbers continued the trend of robust sales, reaching $121.30 million, showcasing the market’s stability and the consistent performance that has made Missouri a top 10 cannabis market in 2023.
Breaking down the numbers
The data reveals a healthy balance between recreational and medical marijuana sales in 2023.
In February, recreational sales launched at $71.70 million, while medical sales contributed $31.20 million. In the first full month of adult use sales, March saw recreational sales reach $93.50 million and medical sales reach $32.70 million. In April, both recreational and medical sales remained strong at $91.00 million and $30.10 million, respectively. May saw adult use sales of $92.60 million and medical sales of $28.30 million. In June, recreational sales reached a record-setting $95.20 million, while medical sales fell to $26.00 million, the lowest single-month total for medical marijuana sales since November 2021.
The average monthly sales through June 2023 stand at $104.90 million, but when removing January – the last month of medical-only sales, Missouri has averaged $118.48 million per month since the beginning of adult use sales. For the second quarter of 2023, the monthly sales average was $121.10 million, further underscoring the market’s strength and potential.
The adult use segment has accumulated $444.00 million so far in 2023. Medical marijuana sales for the year have totaled $185.30 million through June, comparatively medical marijuana sales from January through June 2022 totaled $178.01 million, demonstrating continued demand for therapeutic use despite a declining patient count. In November 2022, there were 205,897 active patients, but by June 2023, this number had dropped to 163,787.
While Missouri sees the patient population and medical marijuana sales trend downward from historic highs, statistics indicate medical marijuana will have continued success in Missouri. Additionally, it’s possible the state could be an outlier and see a revitalized interest in medical marijuana certifications in the coming months. Missouri not only allows for the reciprocation of medical marijuana cards from other states, it also allows for out-of-state patients to apply for a Missouri medical marijuana license. Those factors combined with a significant difference in sales tax rates between medical marijuana (locked at 4%) and adult use (beginning at 6% and potentially reaching 12% in some areas) and a decreased cost for certification that is now good for three years could impact future trends.
With a total of $629.40 million in sales through June 2023, the Missouri market is positioned for continued growth and success. Missouri operators are projected to exceed $1.4 billion in retail revenue in 2023, according to BDSA.
