Despite a dip in overall sales for the second consecutive month, Missouri’s marijuana market is showing strong signs of resilience.
Recent data reveals that recreational sales in September 2023 peaked to their highest levels since July, with sales registering at $98.20 million.
While medical sales continue their steady decline, recorded sales of $989.4 million for the year through the end of September mean that the state has hit another milestone as of the writing of this piece.
Monthly marijuana sales in Missouri
The daily sales average for the last two months is approximately $3.88 million, meaning Missouri has passed the $1 billion dollar mark for annual sales in 2023.
Missouri crossed the $1 billion mark for cumulative sales in May of this year after more than 2.5 years of operations.
The launch of adult use in the state in February skyrocketed monthly sales pushing the state to average 3-4 times monthly sales numbers of the medical-only market.
Discounting January’s $37 million in sales (prior to the launch of adult-use sales), Missouri dispensaries have averaged more than $119 million each month.
Moving forward, a nuanced perspective on sales numbers is essential.
While the raw revenue figures may showcase a declining trend, it’s crucial to understand that this doesn’t necessarily translate to a shrinking consumer base or reduced product consumption. In fact, as the market stabilizes, prices level off and will begin to decrease due to economies of scale, increased supply, and efficiency improvements in the production and distribution chain.
This reduction in product pricing can lead to an increase in the volume of items purchased, and potentially even attract more consumers to the market, while still showing an initial decline in total market revenue.
Total Projected Sales for 2023
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