Earlier this week, the Missouri Department of Health and Senior Services transferred nearly $11 million in cannabis industry-generated tax funds to state agencies. The reported $10,918,344 in funds was divided evenly between the Department of Health and Senior Services, the Missouri Veterans Commission, and the Missouri State Public Defender.
“This fund distribution is part of an amendment approved by voters in Nov. 2022. The amendment included provisions requiring that fees and taxes generated by the adult use marijuana program be transferred to the agencies.” stated KOMU8 in its local reporting. “Article XIV, Section 2 of the Missouri Constitution states that adult use marijuana sold in licensed dispensaries is to be taxed at a rate of 6%.”
This week’s announced cannabis tax revenue dispersal in Missouri comes after a similar dispersal back in May 2024, when $19 million was transferred to the same state agencies. The Missouri Cannabis Trade Association is projecting that combined state and local tax revenue generated from legal cannabis sales in the State of Missouri will reach an estimated $238 million in 2024.
“The association reported total sales of $2.5 billion since the products were first legalized in 2020, resulting in $370 million in state and local revenue. $984.6 million of that total came from medical marijuana sales.” stated WGEM in its original coverage.
Missouri’s licensed cannabis dispensaries sold roughly $119.58 million worth of legal cannabis products in June 2024, a slight decrease from the previous month when the state’s legal cannabis industry sold over $123 million worth of products.
“Missouri saw $14.64 million in medical marijuana sales, the lowest mark in three years and the first time since April 2021 that medical sales dipped below $15 million in a single month, despite patient numbers beginning to climb since January of this year.” Greenway Magazine stated in its local reporting.
“Retailers also brought in $104.94 million in recreational sales in June, earning a top 3 spot for the year and a top 4 sales mark since the launch of adult use sales in February 2023.” Greenway Magazine also reported.
Legal adult-use cannabis sales launched in Missouri in February 2023 (approved by voters in 2022), and in less than 30 days Missouri’s then nearly 200 dispensaries made roughly $72 million in sales. Missouri’s medical cannabis sales added an addition $31 million to the total amount of legal sales in Missouri during the period.