REBECCA RIVAS/MISSOURI INDEPENDENT
Recreational sales surpassed $256.2 million since dispensaries started selling adult-use cannabis in February.
The state surpassed the milestone on May 2, according to the Missouri Division of Cannabis Regulations — nearly three years since a cancer survivor bought the state's first legal medical marijuana in St. Louis County in October 2020.
Cannabis sales have increased exponentially since dispensaries started legal adult-use sales on February 3. In the months since, (from February to April), Missourians have bought $350.2 million in cannabis, with $256.2 million of that spent on recreational cannabis.
There are now 14,800 jobs in Missouri's cannabis industry. And according to the Missouri Cannabis Trade Association, or MoCannTrade, these jobs pay more than cannabis jobs in other states.
"Missouri's newest billion-dollar industry is experiencing significant job growth, providing great products and services to Missourians, and becoming an integral part of the local economy throughout the state," MoCannTrade Executive Director Andrew Mullins said in a statement.
Missouri started legal adult-use sales three months after voters approved a measure to legalize recreational marijuana in November. This is the second fastest turnover in the country, Missouri Independent reports, but now several businesses are struggling to keep up with the demand. Some have increased prices as a result.
However, Missouri still has one of the lowest cannabis sales tax rates in the nation.
In addition to local taxes, Missouri taxes recreational cannabis at 6 percent. Illinois taxes recreational cannabis at 6.25 percent in addition to excise taxes, with rates running from 10 percent to 25 percent of purchase prices based on potency.
Coming soon: Riverfront Times Daily newsletter. We’ll send you a handful of interesting St. Louis stories every morning. Subscribe now to not miss a thing.
Follow us: Google News | NewsBreak | Reddit | Instagram | Facebook | Twitter
