The recreational marijuana market in the state of Missouri has already hit $1.4 billion, less than 2 years since its launch. Voters in the state approved Amendment 3, a ballot initiative that legalized recreational marijuana in November 2022. Medical dispensaries were then given the go ahead to expand into recreational sales in February 2023.
The market’s current valuation is higher than states that’ve legalized the drug for longer periods, like Nevada, Colorado and Arizona.
During a recent conference, LKP Impact Consulting CEO Laurie Parfitt discussed the state’s burgeoning recreational market. The conference, held in St. Louis, brought together over 1000 researchers, investors, regulators and industry leaders to discuss issues facing the marijuana market.
Parfitt explained that they expected this market to grow significantly, revealing that the top consumers of marijuana in the state were men. Latest figures from a report compiled by Headset show that men made up 64% of marijuana sales, with over 40% of consumers being millennials. In comparison, baby boomers, Gen Z and Gen X consumers made up 14%, 18% and 25% of the remaining consumers, respectively.
The data also shows that almost 50% of sales comprise of flower, with Parfitt pointing out that this was the primary driver of growth in the market.
Among the younger generation, vape pens come second to flower, with edibles following closely behind. This is different among the older generation, with data showing that the biggest edible consumers in Missouri are baby-boomer women.
The Vivid, Amaze Cannabis, Codes, Good Day Farms, and Illicit Gardens brands make up nearly 27% of total sales in the state.
Missouri Cannabis Trade Association Executive Director Andrew Mullins stated that their market was different from those of other states that transitioned from selling medical marijuana solely to both medical and recreational marijuana. He explained that while other states recorded huge increases in sales the first few months then drastic declines, Missouri’s recreational market had remained steady, recording roughly $120 million in sales monthly since its launch.
A report cited by the trade association shows that in the first half of this year, the state had the 5th highest recreational marijuana sales at $709 million. The first four states were California, Michigan, Illinois and Massachusetts, all of whom had legalized marijuana before Missouri.
Mullins also revealed that the market’s growth had increased employment opportunities in this industry. Recent data from the Division of Cannabis Regulation shows that the legal marijuana industry in Missouri employs over 20,000 individuals.
The rapid growth of the marijuana industry in Missouri is a welcome development for the entire industry, including entities like Curaleaf Holdings Inc. (CSE: CURA) (OTCQX: CURLF) since any progress made in any jurisdiction is a win for all industry players.
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