Missouri's Daily Marijuana Sales Surge to $4 Million Breaking Records
Missouri has been averaging around $4 million in daily marijuana sales since the opening of its adult-use market in February. In June, the state witnessed a record-breaking $121.2 million in cannabis purchases. The adult-use market has surpassed the medical marijuana program in terms of sales, as the latter has gradually declined since retailers began serving adult consumers.
Since February, when retailers opened under a voter-approved legalization law, Missouri has generated $592.3 million in sales of recreational and medical cannabis products. In total, over $1.2 billion worth of legal marijuana has been sold since 2020, as reported by the state's Department of Health and Senior Services's Division of Cannabis Regulation.
The adult-use market has resulted in the creation of 16,271 direct jobs, an increase from 8,571 jobs at the same time last year, according to MoCannTrade, the industry association.
The state governor recently signed legislation aimed at providing banks with more information about cannabis business licensees, with the intention of encouraging them to work with the industry despite federal prohibition.
Missouri has been conducting outreach events to inform the public about upcoming cannabis microbusiness licenses that will be approved through a lottery system. However, there are concerns among advocates that the lottery structure may inadvertently exclude social equity applicants.
Several other states have also experienced record-high marijuana sales.