Missouri Cannabis Industry Tax Revenues Projected To Reach $238 Million In 2024

The Missouri Cannabis Trade Association is projecting that combined state and local tax revenue generated from legal cannabis sales in the State of Missouri will reach an estimated $238 million in 2024.

“The association reported total sales of $2.5 billion since the products were first legalized in 2020, resulting in $370 million in state and local revenue. $984.6 million of that total came from medical marijuana sales.” stated WGEM in its original coverage.

In May 2024, Missouri’s legal cannabis industry sold over $123.7 million worth of legal products during the month according to original reporting by Greenway Magazine.

“Breaking down May’s total sales, $108.2 million were generated by recreational marijuana purchases while medical marijuana accounted for $15.5 million in sales.” Greenway Magazine stated.

“These figures reflect relative stability in both markets – with adult use sales reaching +$100 million in four of the last six months, as medical marijuana sales have hovered between $15 million and $17 million since October of 2023.” Greenway also stated.

The United States adult-use cannabis industry has generated over $20 billion in total tax revenue since the first legal recreational cannabis purchase was made in Colorado on January 1st, 2014 according to a report by the Marijuana Policy Project.

“Through the first quarter of 2024, states have reported a combined total of more than $20 billion in tax revenue from legal, adult-use cannabis sales. In 2023 alone, legalization states generated more than $4 billion in cannabis tax revenue from adult-use sales, which is the most revenue generated by cannabis sales in a single year.” the Marijuana Policy Project stated in a press release.

79% of people living in the United States lived in a county with at least one regulated cannabis dispensary according to an analysis by the Pew Research Center. The Pew Research Center also found the following:

  • 74% of people in the U.S. live in a state where recreational or medical cannabis is legal
  • There are nearly 15,000 cannabis dispensaries in the U.S.
  • California has the most overall dispensaries (3,659)
  • Oklahoma has the most dispensaries per capita (36 dispensaries for every 100,000 residents)

Total legal cannabis sales in the United States are expected to reach $31.4 billion in 2024 according to a recent analysis by Whitney Economics. Additionally, leading cannabis jobs platform Vangst, in conjunction with Whitney Economics, estimates that the legal cannabis industry now supports 440,445 full time-equivalent cannabis jobs in the United States.

Whitney Economics also projects the following legal cannabis sales figures in the United States for the coming years:

  • 2024: $31.4 billion (9.1% growth from 2023)
  • 2025: $35.2 billion (12.1% growth from 2024)
  • 2030: $67.2 billion
  • 2035: $87.0 billion

The emerging legal cannabis industry in the United States is projected to add roughly $112 billion to the nation’s economy in 2024 according to an analysis by MJBiz Daily. The projection is part of the company’s 2024 MJBiz Factbook.

“The total U.S. economic impact generated by regulated marijuana sales could top $112.4 billion in 2024, about 12% more than last year,” MJBiz stated in its initial reporting.