Missouri’s cannabis market exhibits consistency through October 2024
Missouri’s cannabis industry continues to thrive with monthly marijuana sales in October reaching $123.25 million, representing a 4.96% increase from September’s $117.43 million.
The latest figures from October 2024 reveal that recreational cannabis dominates, contributing $108.56 million, about 88% of the total monthly sales. Medical marijuana sales remain totaled $14.69 million for the month.
The rebound in retail spending brings October sales back in line with average daily totals for the 2024 year to date.
Recreational sales have consistently hovered around $100 million each month since March 2024, reflecting sustained consumer engagement and preference, while medical marijuana sales have evened off between $14 and $15 million in 2024 after a substantial slide in 2023.
The daily sales averages for 2024 further highlight the stability the Missouri market has found.
- January: $3.54 million
- February: $4.05 million
- March: $4.02 million
- April: $4.00 million
- May: $3.99 million
- June: $3.99 million
- July: $3.99 million
- August: $4.07 million
- September: $3.91 million
- October: $3.98 million
Economic Impact and Projections
The cannabis sector has become a significant economic driver in Missouri, with cumulative sales through October 2024 surpassing $3.1 billion.
Looking forward, the market’s current trajectory suggests some growth potential, with market stability for the foreseeable future. The stable demand in the recreational sector, coupled with steady medical market performance, points to promising opportunities for further expansion and product diversification.
Yearly Sales
- 2020: $5.33 million
- 2021: $209.75 million
- 2022: $390.23 million
- 2023: $1,338.49 million
- 2024 (Year to Date): $1,201.57 million
As Missouri’s cannabis market has matured it has faced challenges such as regulatory adjustments, problematic restrictions, and bottlenecks that limit or hinder the introduction of new and diverse products and limit innovation. As stakeholders refine their strategies to meet evolving consumer preferences and improve product quality and variety while adhering to the sometimes clunky and cumbersome regulations, the Missouri market has become a focal point for MSOs and brands looking to bring their products to a market with stability.
As microbusiness licenses begin to gain approval to operate a subsection of marijuana in Missouri looks to find footing in the marketplace.
As with any industry, a desire to shop local and support small businesses will be key drivers in the success of marijuana microbusinesses in the future.
Overall, Missouri’s cannabis industry is on a promising path, marked by robust sales, dynamic market activity, and new opportunities.
