Since the legalization of medical and adult-use cannabis in Missouri, the state’s industry has seen tremendous growth. In 2023, Missouri’s total cannabis sales reached an impressive $1.3 billion mark, breaking previous records and solidifying its place as one of the top states for cannabis sales in the country.
In addition to this record-breaking achievement, it is worth noting that Missouri’s cannabis industry is still relatively new, medical marijuana was passed in 2018. and with adult-use sales only being available since February 2022. This rapid growth and success within a short time is a testament to the potential of the cannabis market in Missouri.
Growth and Revenue
The significant milestone of $1.3 billion in cannabis sales for 2023 is a combination of both adult-use and medical marijuana sales. With adult-use sales reaching approximately $1.04 billion, it makes up the majority of the total recorded sales.
This is a significant increase from previous records, with December alone reporting a record-breaking $106.5 million in adult-use sales. This shows a strong and consistent demand for cannabis in Missouri, which has contributed to the state’s overall revenue.
A record $106.5 million in adult-use cannabis sales was reported in December 2023, breaking the previous record of $98.7 million set in July.
In fact, cannabis sales in Missouri have already generated a staggering $1.94 billion since its medical cannabis legalization in 2018.
The impact on state revenue has been a positive one, with taxes and fees from cannabis sales contributing to funding for various programs and initiatives. This proves that the cannabis industry not only provides economic growth but also benefits the community as a whole.
While adult-use sales have thrived, there has been a noticeable slowdown in medical marijuana sales in Missouri. This can be attributed to the transition from medical dispensaries to adult-use dispensaries.
The disparity between adult-use and medical cannabis sales suggests that many patients have shifted their purchases to adult-use dispensaries, which offer a wider selection of products and often lower prices. This trend is common in states that roll out adult-use sales after medical, and it raises concerns for the future of Missouri’s medical market.
Border Towns and Cross-Border Demand
One interesting aspect of Missouri’s cannabis industry is the influence of neighboring states and their impact on sales. Border towns in Missouri have been thriving due to the conservative stance on cannabis in surrounding states.
Illinois, for example, has a 15% higher tax rate on adult-use cannabis compared to Missouri. This has led to an increase in cross-border demand for cannabis from Missouri, as consumers seek more affordable options.
Furthermore, conservative states around Missouri have yet to legalize cannabis, making it a popular destination for out-of-state visitors looking to purchase cannabis legally.
The legalization of cannabis in Missouri has also brought about changes in the criminal justice system. Efforts have been made to expunge past cannabis-related criminal records, with over 100,000 expungements completed so far as reported by Marijuana Moment.
However, there are still challenges faced by courts in processing these expungements due to the high number of cases and limited resources. This highlights the importance of continued efforts to reform the criminal justice system and address the consequences of past cannabis criminalization.
As we look towards the future, there is no doubt that Missouri’s cannabis industry will continue to grow and thrive. With new dispensaries and products being introduced, along with the potential for more states to legalize cannabis in the future, there is still plenty of room for growth.
For business owners and investors, Missouri’s cannabis industry offers promising opportunities. With a rapidly expanding market and increasing demand, it could prove to be a lucrative venture in the coming years.
Overall, Missouri’s cannabis sales topping $1.3 billion in 2023 is a significant milestone that highlights the potential and success of the state’s cannabis industry. However, it also raises important discussions about the impact on the medical market, cross-border demand, changes in the criminal justice system, and future possibilities for growth. As Missouri continues to navigate its evolving cannabis landscape, it will be interesting to see how these factors shape the industry in the years to come.
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