Medical-use was approved in 2018. Operators are limited to three cultivation, three manufacturing, and five retail licenses. Missouri is broken into eight congressional districts with 24 retail licenses permitted per district for a total of 192 retail licenses statewide. Rumors abound that adult-use legalization will be on the 2022 ballot, as the initiative would have had sufficient signatures to be on the 2020 ballot were it not for COVID.
51% of a licensed operator ownership must be a Missouri resident for at least one year. There are initiatives in place to lift that restriction once the state legalizes adult-use.
Curbside pick-up is not permitted for retailers in this state, therefore retailers with a drive-thru have an advantage in this car-friendly state. In late July 2021, Missouri regulators announced medical-use dispensaries cannot advertise sales events or product discounts, prompting immediate backlash from the Missouri Medical Cannabis Trade Association (MoCannTrade).
There is no notable activity at this time.
MMJ patients rushed to get their licenses before retail even opened proving high-demand in the market. The number of approved patients grew by roughly 200% during 2020 and for the first, Missouri medical sales exceeded $20M in July 2021.
With July’s $21 million in cannabis sales, that raises the total medical marijuana purchases in the state to about $91 million for 2021. Meanwhile, cannabis activists have filed four separate initiatives to put cannabis reform on the state's 2022 ballot.
With market demand well established, license holders are sprinting to build out cultivation and retail. MSOs were largely boxed out, but many are looking to enter the state via joint ventures or other structures to work around the residency issue. Investors who back proven operators and get to market soon should do well in the Show Me State.