Missouri nets $1.3B from Cannabis in 2023

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Missouri nets $1.3B from Cannabis in 2023

Missouri's Marijuana Sales Surpass $1,3 Billion Since Legalization.

Missouri generated $1.3 billion in marijuana sales, including $1 billion in recreational marijuana sales, since it was legalized on Feb. 3, 2023.

The Missouri Department of Health and Senior Services (DHSS) transferred $3.84 million from its adult use program and another $13 million from its medical marijuana program to various state agencies as outlined by the state’s constitution. Since the Missouri cannabis program was founded in late 2018, the state has transferred $41.26 million to state programs.

Missouri now has the nation’s sixth-largest cannabis market, behind California, Michigan, Illinois, Florida and Massachusetts. Its sales were about 10 times higher than the $104 million in New York in 2023, despite Missouri having about a third of the population.

Greenlight Dispensary CEO John Mueller said Missouri outpaces other states because of the regulatory environment.

“The constitutional amendment in Missouri spread out the stores throughout the state by congressional district, giving us full coverage throughout the state,” Mueller said. “Our DHSS isn't trying to put us out of business. In New York, they still haven’t figured out the regulations and have no specific deadlines, so every politician in the state wants to get their two cents in, which is stifling the conversion of licenses from medical marijuana to adult use.”

Missouri also benefits by bordering states that still ban marijuana sales or that have much higher tax rates, pushing people near the borders to come into Missouri.

Missouri probably won't continue with a chart that looks like a hockey stick, Mueller said, but he does expect to see continued growth of the market over the next few years as the stigma on cannabis continues to evaporate.

“We’re starting to see a drop in prices on a per gram basis,” Mueller said. “That will lead to us being more affordable cutting into the black market and selling more grams. In Missouri, we’re also putting a good dent into the alcohol market. We’re about 11% of the market now, and everyone is predicting that going to 20%, so there will be a material impact on the Boulevard’s and In Bev’s of the world as consumers continue replacing alcohol with gummies.”

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Region: Missouri

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