Missouri tops $90 million in marijuana sales, July sales grow 20%
New figures released by the Department of Health and Senior Services announced monthly reporting of retail sales numbers for the medical marijuana program for July.
Monthly sales in June set new highs, closing at $70.33 million, setting a new monthly record at the time of $16.37 million.
July sales staggered June, with a whopping $21.03 million spent in Missouri’s dispensaries over the month. This marks a 22.16% jump in sales over the previous month, with retail businesses bringing in $4.66 million more than in June.
A blip on the radar
After a sales dip in Apri saw the market took a step back – falling from $12.67 million in March sales to only $8.82 million in April, numbers have climbed at a break-neck pace over the last three months. May saw a massive rebound with sales climbing 43% over April, increasing another 5% in June, and now jumping to a new monthly earmark with 22% growth in July.
Missouri now boasts over $91.36 million in cumulative sales for the program and over $86.03 million in total sales for the calendar year of 2021.
The state will break the $100 million mark in cumulative sales in August, barring catastrophe, but could potentially break the $100 million threshold for the calendar year as well if sales continue to grow.
It took over 4 months for cumulative sales figures to break the $10 million mark. Since that time, the state has amassed over $80 million in sales in less than six months.
Missouri’s retail program is less than 10 months in at this point, dispensary sales began on October 16, 2020.
Industry growth
Since July 2 the state has commenced 15 more production and retail licenses including 3 cultivation licenses, 3 manufacturing licenses, and 9 dispensary licenses.
As of August 6, the state of Missouri has approved the operation of 26 cultivation facilities, 36 manufacturing facilities, and 135 retail dispensaries.
With nearly 40 cultivators still to come online, over 50 manufacturing facilities yet to be approved to operate, and 50+ dispensaries not yet commenced – the market still yields enormous potential for total growth.
“Missouri is one of the only medical cannabis states where patients don’t have to drive long distances to access medicine,” said Andrew Mullins, executive director of MoCannTrade (The Missouri Medical Cannabis Trade Association). “As a result of this tremendous patient access, our industry is seeing record sales and a diverse line of products, with Missouri marijuana companies creating thousands of new jobs and investing millions in their local communities.