Missouri marijuana sees sales spike in March

Missouri’s marijuana market continues to trend upward in the early months of 2024.

February saw sales climb back after marijuana sales fell to their lowest total in nearly a year in January. But March saw sales jump back into midseason form growing more than 9% over February sales, an $11.3 million increase over prior month.

Missouri dispensaries reported over $124.7 million in sales for the month, marking the highest monthly total in a year, and the second-highest monthly sales total in program history.

March 2024 Sales Breakdown

In March, recreational marijuana sales surged to $108.7 million, a significant increase from February’s $98.3 million, and the highest single month total for adult use marijuana sales in Missouri history. Medical cannabis also saw growth for the second straight month, rising from $15.1 million in February to $16 million in March.

   

January began with sales totaling $109.8 million, which dipped by nearly 11% from December 2023, reflecting a seasonal slowdown after the holiday season. However, sales rebounded in the following months, culminating in March’s peak. Average monthly sales for the quarter stood at $115.97 million.

Cumulative marijuana sales since legalization in October 2020 have now reached approximately $2.29 billion. Sales figures represent the significant economic impact of the marijuana industry in Missouri. More than 58% of cumulative marijuana sales in Missouri are adult use only. Since February of 2023, Missouri dispensaries have sold more than $1.33 billion in recreational marijuana purchases.

Market Projections

Looking ahead, the Missouri marijuana market shows no signs of slowing down. March’s sales alone contributed an $11.3 million increase from February, with a notable 9.96% jump in total revenue. Projections for 2024 suggest that total sales could exceed $1.5 billion by year-end, according to BDSA.