The Missouri Cannabis Trade Association projects that the combined state and local tax revenue from cannabis sales in Missouri will reach $238 million by 2024. This is more than Governor Mike Parson’s recommended funding for the Departments of Health & Senior Services and Public Safety in 2025.
Katie West, who manages a dispensary in Jefferson City, notes that the cannabis industry in Missouri is continuing to grow. With total sales reaching $2.5 billion since legalization in 2020, the industry has generated $370 million in state and local revenue, with nearly a billion coming from medical marijuana sales.
Representatives from the Missouri Cannabis Trade Association believe that Missouri’s cannabis program sets an example for the rest of the country. People in Missouri are now able to access safe and legal marijuana products, which has generated excitement among consumers.
According to the state’s constitution, revenue generated from cannabis sales is allocated in a specific way. First, funds are used to cover the costs of regulating the industry. Then, funds are used for expunging past marijuana convictions. The remaining funds are divided among the state’s public defender system, drug treatment services, and the Missouri Veterans Commission.
Overall, the outlook for the cannabis industry in Missouri looks promising, with significant contributions to state and local tax revenues expected in the coming years.