Missouri is on pace to achieve $1 billion in annual sales, which could make it the fastest state to reach the milestone.
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ST. LOUIS — Recreational cannabis sales grew more than 22% to $93.5 million in March, the second month of Missouri’s legal recreational cannabis market, according to the state’s Department of Health and Senior Services.
Medical sales grew 5%, bringing total cannabis sales in March to $126.2 million, up from $103 million in February. The numbers reaffirm that Missouri is on pace to achieve $1 billion in annual sales, which could make it the fastest state to reach the milestone.
When Illinois launched its recreational cannabis market in 2020, the state reported first-month, adult-use sales of $39.2 million, according to the Illinois Cannabis Regulation Oversight Office. Adult-use sales fell to $34.8 million the following month as supply shortages quickly plagued dispensaries.
While new cannabis taxes will be collected beginning in October after just five of some 66 St. Louis-area cannabis tax questions were rejected Tuesday, tax rates in Missouri will remain lower than in Illinois.
Click here to read the full story from the St. Louis Business Journal.