Latest data shows that cannabis sales in the state of Missouri for the month of March hit $126.2 million. This is month two since recreational retailers were launched in the state, after voters passed a measure to legalize the recreational use of the drug last year.
The revenue generated represents a 22.4% increase in marijuana sales from the amount generated in February. Broken down, recreational and medical marijuana sales stood at $93,500,000 and $32,700,000 respectively.
Projections expect that before the year ends, collective marijuana sales in Missouri may hit $1 billion.
The aggregate sales total for the budding recreational market and the medical cannabis program is also closing in on the $1 billion mark, having already reached $871 million.
Last week, the state’s Division of Cannabis Regulations also revealed that more than 14,000 jobs had been created in the cannabis sector, as per data from Missouri Cannabis Trade Association (MoCannTrade).
In a press release, MoCannTrade’s Andrew Mullins stated that Missouri was well-positioned to make a huge impact on its economy with its consumer-friendly marijuana program and record sales. The economic impact of the marijuana industry on the state is expected to continue growing, especially since voters in various counties and cities passed local cannabis tax initiatives at the ballot last week.
Missouri’s Department of Health and Human Services has been commended for its establishment of a regulated market, which it began planning for prior to the November 2022 elections. By February 2023, regulators had already approved some dispensaries to begin selling cannabis to eligible consumers and started taking applications for individuals to grow their own marijuana at home.
Missouri is among many other states recording strong cannabis sales in the country, as more markets are launched. For instance, the state of New Mexico celebrated its one-year adult-use cannabis market anniversary recently. Thus far, the state has raked in more than $300 million in sales, with the industry creating numerous job opportunities.
Over in Massachusetts, the recreational marijuana market surpassed $4 billion in sales earlier in January. The state’s recreational market was launched in November 2018. In Arizona, the 2022 total for adult-use marijuana purchases hit $1.4 billion.
In other news, Missouri’s House may soon approve a measure that would legalize psilocybin therapy for eligible patients while also promoting studies into psilocybin. In addition to this, the bill would expand the scope of the state’s Right to Try statute for severely ill individuals.
With the way the industry is growing so quickly, one could expect a variety of opportunities to be availed for various ancillary product and service providers such as Advanced Container Technologies Inc. (OTC: ACTX) operating within the state.
NOTE TO INVESTORS: The latest news and updates relating to Advanced Container Technologies Inc. (OTC: ACTX) are available in the company’s newsroom at https://cnw.fm/ACTX
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