Missouri launched recreational cannabis sales earlier in February, following approval of Amendment 3 in November 2022. This, according to a report by Brightfield Group, is the second fastest turnaround in the United States, only two weeks behind the record set by Arizona.
Thus far, Missouri has raked in $350 million in sales for both medical and recreational cannabis, according to data released by the Missouri Department of Health and Senior Services. Last month, the state brought in $91 million in recreational cannabis sales. This is on par with the $93.5 million in revenue generated in March and an increase from the $71.7 million sales from February. Medical marijuana sales make up the remainder that brings total sales to $350 million.
The state’s adult-use market is growing at a rapid rate, especially in comparison to other states.
For instance, Illinois took seven months to bring in $300 million in sales after launching recreational sales in January 2020. Two years after the market’s inception, the state ended last year with $1.6 billion in sales.
Missouri is expected to end this year at more than $1 billion, which aligns with marijuana business owners’ expectations that the numbers will go even higher.
Tyler Hannegan, chief of operations and sales for Robust Cannabis, stated that it may take up to a year to see what sales were capable of. However, if the market is to meet the increasing demand, more will need to be done, and faster.
This growth has seen companies such as Hippos Cannabis and Robust Cannabis expand their facilities and hire new employees in an attempt to meet demand, increase production and keep dispensary shelves stocked.
Currently, marijuana businesses also need approval from the state’s Department of Health and Senior Services before they can makes any changes to their facilities. This process will need to be streamlined in an effort to speed up the approval process and allow more players to take part in the industry.
Since the recreational market launched, the department has received more than 80 requests, in addition to the 40 requests that were already pending. Of the total number of submitted requests, the department has approved 23 so far. Spokeswoman Lisa Cox revealed that 29 more are in the final review stage and should be approved over the next few weeks. Cox added that the department was also hiring new employees to handle the increase in workload, noting that the Division of Cannabis Regulation would be fully staffed by the year’s end.
The booming sales of recreational and medical marijuana in Missouri and other states that legalized the substance suggest that entities such as IGC Pharma Inc. (NYSE American: IGC), which are working to develop medicinal formulations from marijuana, could register success since preliminary studies as well as anecdotal reports point to this plant having therapeutic potential.
NOTE TO INVESTORS: The latest news and updates relating to IGC Pharma Inc. (NYSE American: IGC) are available in the company’s newsroom at https://cnw.fm/IGC
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