Missouri Cannabis is rapidly emerging as an example of a flourishing market. Recent statistics from the Missouri Department of Health and Senior Services indicate that the cannabis industry in Missouri is not merely growing; it’s thriving.
In March, retailers set yet another monthly sales record, with transactions hitting $124.7 million. What’s more, the state is on track to break the cumulative total of $1.3 billion in 2023 for recreational and medical cannabis.
But the industry’s success is not purely economic. Recently, Missouri opened applications for the next round of cannabis microbusinesses, creating even more opportunities for a diverse range of entrepreneurs.
The Surge in Missouri Cannabis Sales
Missouri’s growing affinity for cannabis is evident in the surge of sales. In March, the state hit a remarkable $124.7 million in adult-use and medical cannabis sales as reported by MJBizDaily. This growth is largely fueled by the enthusiastic response of consumers to the legal availability of marijuana.
The medical cannabis segment, which contributes $16 million to the monthly sales numbers, caters to a niche set of patients with specific needs. At the same time, the adult-use segment, with its staggering $108.7 million in sales, is evidence of widespread consumer acceptance.
Missouri highlights its steady cannabis sales through its unique position; sharing borders with seven states that have not yet legalized adult-use cannabis, it becomes a central hub for consumers in the region. This strategic location undoubtedly plays a role in driving the state’s impressive sales figures, drawing in consumers from across state lines seeking legal access to cannabis.
It’s an exciting time for the cannabis community in Missouri, with the state experiencing record-breaking sales each month. With the sales figures on an upward trajectory, it’s clear that Missouri is set to become a significant player in the national cannabis landscape.
Expanding Opportunities in Cannabis Microbusinesses
The Missouri Department of Cannabis Regulation announced on Monday the commencement of the second round of applications for cannabis microbusinesses per ABC17, an effort aimed at leveling the playing field for marginalized or under-represented individuals aspiring to carve out a niche in the legal marijuana market.
According to information from the Department of Health and Senior Service, these microbusinesses represent a strategic effort to open up the cannabis industry to a wider array of participants. Specifically targeting individuals without the substantial financial backing often necessary to enter the market, the creators designed the eligibility rules to be inclusive. According to Cannabis.Mo.Gov, to qualify for a microbusiness license, applicants must meet one of the following criteria:
- Possess a net worth of less than $250,000, with an income below 250% of the federal poverty level, or the successor level, for at least three of the 10 calendar years prior to applying.
- Hold a valid service-connected disability card issued by the United States Department of Veterans Affairs, or successor agency.
- Be an individual, or have an immediate family member, who has been arrested for, prosecuted for, or convicted of a non-violent marijuana offense—with certain restrictions—more than one year before the application.
- Reside in a ZIP code or census tract area characterized by significant economic disadvantage or high rates of marijuana-related offenses.
- Graduated from a school district that was unaccredited, or had a similar successor designation, at the time of graduation, or has lived in a zip code containing an unaccredited school district, or similar successor designation, for three of the past five years.
The application period is open until Monday, April 29. This effort shows the state’s dedication to addressing previous wrongs from marijuana prohibition and showcases Missouri’s strategy for supporting a diverse and fair cannabis industry.
Missouri Cannabis Center of the Midwest?
Missouri is quickly cementing its place as a cannabis powerhouse, and the recent record-breaking sales figures are a clear indicator of its potential. By staying abreast of industry news, understanding the local market, and leveraging the opportunities presented by microbusinesses, entrepreneurs can ride the wave of growth in this dynamic sector.
With a forward-thinking approach, the Missouri cannabis industry is gearing up to provide an exciting adventure for all who dare to participate. Whether you’re a consumer, a startup, or an established player, now is the best time to engage in Missouri’s cannabis narrative.
