Missouri Legal Cannabis Market Size, Share & Trends Analysis Report By Product (Flowers, Oils & Tinctures, Pre-rolls, Concentrates), By End-use, And Segment Forecasts, 2023 - 2030

Report Overview

The Missouri legal cannabis market size was valued at USD 512.1 million in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 23.0% from 2023 to 2030. The growing disease burden of chronic pain and the increasing requirement for pain management therapies across the state are driving the growth. In addition, rising legalization and increasing awareness of the health benefits of cannabis consumption are expected to drive product demand over the forecast period. Growing research on the beneficial impacts of the products on human health, rising patient knowledge of its advantages, and an increase in the incidence of chronic diseases in the state are contributing to this expansion in Missouri. Additionally, the state's legalization of cannabis opened up a vast array of potential for market expansion. Missouri has permitted the cultivation, distribution, and manufacturing of medicinal cannabis since November 2018.

Since then, a sharp increase in sales has been recorded, driving the state's expansion. The growth can also be attributed to the presence of a large number of government-authorized dispensaries across the state. The presence of local players in the region along with increasing research activities undertaken by the players to study the benefits of the product is also contributing to the market growth. In addition, in November 2022, Missouri passed Amendment 3, which legalized recreational cannabis in the state.

The industry at the state level has been impacted by COVID-19. The pandemic temporarily halted the licensing and launch of medicinal and recreational marijuana throughout the state, as state and municipal governments scrambled to finish the tasks and paperwork necessary to move the marijuana program ahead. Moreover, the imposed lockdown caused a decrease in customers buying from the offline or retail market. However, many key players in the business shifted their focus to selling and marketing products on social media and e-commerce platforms. There was a significant increase in the number of patients consuming medical marijuana across the state during the pandemic.

The Missouri market is experiencing major growth and will progress considerably in the next few years. This drug has attained varied acceptance in the medical community as a legitimate course of treatment for illnesses such as childhood seizures, glaucoma, bipolar disorder, post-traumatic stress disorder (PTSD), schizophrenia, weight loss during chemotherapy, and many others. It is still federally prohibited as a Schedule drug, and it is unclear how the current administration will address recreational use.

Product Insights

In 2022, the flower segment accounted for the largest revenue share of over 35% and is anticipated to register a significant growth rate during the forecast period. This growth can be attributed to the benefits provided by the flower, ease of utilization of the flower, and lower cost as compared to other product types.

On the other hand, pre-rolls are expected to expand at the fastest CAGR during the forecast period owing to the rising adoption of pre-rolls by Missourians and the legalization of marijuana for recreational purposes. Pre-rolls are considered one of the most common methods of smoking cannabis. Pre-rolls are gaining popularity owing to their ease of use and easy availability in multiple dispensaries across the state.

End-use Insights

In 2022, the medical-use segment accounted for the largest revenue share. The potency & effectiveness for treating a variety of illnesses are the subjects of several research studies, which have led to the rise in its use medically. The legalization of its usage has also been a major driver for market growth. The medical use application is the largest sub-segment since it has received widespread acceptance.

Medical professionals are now finding it simpler to prescribe to patients who request it, as a result of the government authorities creating laws and regulations around its usage. The stigma associated with its usage has considerably decreased as a result of increased public understanding of its advantages.

The recreational segment is anticipated to register the fastest growth over the forecast period, as it is also becoming popular among young people across the state. In addition, concerning Missouri, the legalization is anticipated to generate considerable tax money for the government while also aiding the government's efforts to suppress the illegal marijuana trade.

Key Companies & Market Share Insights

The products offer consumers a variety of health advantages, which has increased demand for their usage in treating a range of chronic diseases. Due to this, the products are quickly gaining traction. Key players are launching new products and investing in partnerships, mergers and acquisitions, collaborations with other companies, and other strategic activities to grow their shares. For instance, Organic Remedies Missouri announced the introduction of its product line for patients using medicinal marijuana in the state in January 2022. Such activities will assist the expansion during the anticipated term. Some prominent players in the Missouri medical cannabis market include:

• BeLeaf Medical

• Blue Sage Cannabis Co.

• Show Me Alternatives

• Heya Wellness

• Missouri Wild Alchemy

• Organic Remedies

• Holistic Industries

• Kansas City Cannabis

• LOCAL CANNABIS COMPANY

• MOcann Extracts

Missouri Legal Cannabis Market Report Scope

Missouri Legal Cannabis Market Segmentation

This report forecasts revenue growth at the country level and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the Missouri legal cannabis market report based on product and end-use:

• Product Outlook (Revenue, USD Million, 2018 - 2030)

  • Flowers

  • Oils and Tinctures

  • Pre-rolls

  • Concentrates

  • Edibles

  • Others

• End-use Outlook (Revenue, USD Million, 2018 - 2030)

  • Adult/Recreational Use

    • Medical Use

    • Chronic Pain

    • Cancer

    • Mental Disorders

    • Others