New figures released by the Department of Health and Senior Services revealed monthly reporting of retail sales for the medical marijuana program for July.
Monthly sales in June hit new highs, closing at $ 70.33 million and breaking a new monthly record of $ 16.37 million.
July sales fluctuated in June, with a whopping $ 21.03 million spent at Missouri’s pharmacies during the month. That represents a 22.16% jump in sales from the previous month, with retailers bringing in $ 4.66 million more than in June.
A spot on the radar
After a decline in sales in April, the market took a step backwards – falling from $ 12.67 million in March to just $ 8.82 million in April, the numbers have soared in the last three months. May saw a massive rebound, with sales rising 43% from April, a further 5% in June, and now jumping to a new monthly target with 22% growth in July.
Missouri now has cumulative sales of over $ 91.36 million for the program and total sales of over $ 86.03 million for the 2021 calendar year.
The state will break the $ 100 million mark in cumulative sales in August, subject to disaster, but could also potentially cross the $ 100 million mark for the calendar year if sales continue to grow.
It took over 4 months for cumulative sales to break the $ 10 million mark. Since then, the state has amassed over $ 80 million in revenue in less than six months.
Missouri’s retail program is less than 10 months in duration at this point, with pharmacy sales beginning October 16, 2020.
Since July 2, the state has started 15 more manufacturing and retail licenses, including 3 cultivation licenses, 3 manufacturing licenses, and 9 pharmacy licenses.
On August 6, the state of Missouri approved the operation of 26 grow facilities, 36 manufacturing facilities, and 135 retail dispensaries.
With nearly 40 cultivators still online, over 50 production sites yet to be approved for operation, and over 50 pharmacies not yet opened – the market still offers tremendous potential for overall growth.
“Missouri is one of the few medical cannabis states where patients don’t have to travel long distances to get access to medicines,” said Andrew Mullins, executive director of MoCannTrade (The Missouri Medical Cannabis Trade Association). “As a result of this tremendous patient access, our industry has record sales and a diverse range of products, with marijuana companies in Missouri creating thousands of new jobs and investing millions in their local communities.