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.
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 Division of Cannabis Regulation recently posted the results of a random lottery drawing it conducted to award cannabis microbusiness licenses to qualified entities. It was the second of three expected rounds of microbusiness licenses to be awarded, per Article XIV, Section 2 of the Missouri Constitution.
“More than 2,000 applicants applied between April 15-29. Now that applicants have been selected through the lottery, all selected applications will be reviewed for eligibility. The lottery selection does not guarantee the applicant a facility license. No later than August of this year, a total of 57 microbusiness licenses will be issued, nine of which are available from the first round of licensing, due to revocations for rule violations. There will be a total of 33 microbusiness wholesale facility and 24 microbusiness dispensary facility licenses awarded during this round.” the Missouri Division of Cannabis Regulation stated in a news release.
“The microbusiness program is meant to boost opportunities in the industry for businesses in disadvantaged communities, and it was part of the constitutional amendment to legalize recreational marijuana that voters passed in November.” is how the Missouri Independent describes cannabis microbusinesses in the state.
“The program is designed to provide a path to larger facility ownership for individuals who might not otherwise easily access that opportunity, such as having a net worth of less than $250,000 or veterans with a service-connected disability.” Missouri Independent also stated in regards to cannabis microbusinesses.
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.
Since Missouri’s adult-use legalization industry launched, legal sales in the state have generated over $19 million for veterans, substance use treatment programs, and the Missouri Public Defenders System’s budget. Part of Missouri’s legalization model involves earmarking cannabis industry tax revenue for related funds for veterans, substance use treatment programs, and public defenders.