Missouri’s medical cannabis sales surpassed $16 million in June

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Bethan Rose Jenkins, Cannabis News Writer/Editorial

In June, almost $16.4 million worth of cannabis was sold at Missouri’s licensed dispensaries. The state, which legalized medical cannabis in October 2020, has recorded an annual total of more than $70 million in legal sales.

Based on projections published in the 2021 MJBizFactbook, Missouri’s medical cannabis market could generate between $225 million-$300 million in sales this year alone.

Further pushing things in a positive direction, U.S. District Judge Nanette Laughrey recently filed a preliminary injunction against a rule stipulating that medical cannabis businesses are at least 51 percent owned by state residents; thus opening the door for more operators to partake in the growing market.

Over 200 medical cannabis businesses approved in Missouri

The flourishing medical cannabis market in Missouri is further being stimulated by the fact that the number of licensed operators actively serving the state’s market has exceeded 200. State data confirms this milestone just eight months since the state’s first dispensary opened its doors in October of last year.

Included in those 200+ licensed operators are 125 dispensaries; new retail locations are launching for business across Missouri almost every day. In addition to this, the list of licensed operators includes 32 manufacturers, 23 cultivators and five testing laboratories. 

All of the newly licensed operators are spread across many of Missouri’s urban and rural locations. Additionally, a total of 375 facilities have gained approval to grow, dispense, test, transport and manufacture medical cannabis to Missouri patients.

Patient enrollment for medical cannabis in Missouri is continuously rising

As Missouri regulators grant patients with greater access to medical cannabis, it comes as no surprise that enrollment has eclipsed 120,000. Improved access puts Missouri in a prime position to better compete with 19 states that have enacted similar programs.

Comparatively, the state of Illinois—which has more than double the population of Missouri’s—currently serves patients from just 55 licensed retail outlets.

“From Hannibal to Neosho, Chillicothe to Poplar Bluff, St. Louis to Kansas City and all points between, medical cannabis patients across our state now have access to safe, legal and regulated medicine,” said the executive director of MoCannTrade (The Missouri Medical Cannabis Trade Association,) Andrew Mullins.

“MoCannTrade and its members enter the summer with lofty expectations, as even more patients obtain their cannabis cards, business owners are creating thousands of new jobs, and our industry generates millions in new tax revenue for the state thanks to an additional 4 percent sales tax dedicated to the health and care of veterans,” added Mullins.

Thanks to the ever-growing patient enrollment figures, Missouri’s medical cannabis program is predicted to generate more than $800 million in direct spending and an extra $570 million in indirect spending within its initial year of operation. 

On top of that, 3,500 more Missourians have been awarded with state agent identification cards that will enable them to legally work in medical cannabis facilities.