Missouri sets new record with historic sales month for medical marijuana
Missouri topped the $30 million sales mark for the fifth consecutive month in July
Just one month after marijuana sales in the state looked to have hit a plateau, July sales number rebounded with 7% growth over the prior month.
Spurred by the success of 710 celebrations and sales, July saw monthly retail revenues for medical marijuana grow by more than $2.3 million over June sales.
Since March of this year, when sales jumped 15% from $26.66 million in February to $30.71 million, the state has not seen medical marijuana sales dip below the $30 million mark.
In July, the state surpassed its previous landmark sales month of April by more than $1 million in revenue, totaling more than $33.30 million for the month, bringing cumulative sales for the program to $426.39 million since October of 2020.
While the total number of active patients increased to 188,440 in July, the number of new patient applications dipped for the fourth consecutive month, down more than 2000 from June.
Renewal applications also fell by more than 2000 between June and July, following six consecutive months of growth in patient renewal numbers.
Patient cultivator applications fell to a historic low in July, with only 628 applications marking the second lowest number of new applicants for home cultivation since the program began accepting applications in June 2019. The decreasing number of new applicants for homegrow is reflective in many ways of the expansion of access and product diversity on the market.
While many current cultivators continue to renew their licenses, most new patients don’t see a need for a cultivation card.
Missouri has amassed $211.31 million dollars in sales for calendar year 2022, averaging more than $30.19 million per month for the year. In comparison, cumulative sales from October 2020 through December 2021 totaled just over $215.08 million.
Missouri’s medical marijuana market is projected to surpass $360 million dollars in annual sales in 2022.