Healthcare Insights

Missouri Legal Cannabis Market Size To Hit 5.21 Bn By 2032

The Missouri legal cannabis market was estimated at USD 0.71 billion in 2022 and it is expected to surpass around USD 5.21 billion by 2032, poised to grow at a CAGR of 22.05% from 2023 to 2032.

Key Pointers

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Market Growth

The growth of Missouri’s legal cannabis market can be attributed to a confluence of factors propelling its expansion. Foremost among these is the progressive legislative landscape that has facilitated the legalization of cannabis for both medicinal and recreational use. This regulatory openness has not only attracted established players but has also fostered a nurturing environment for entrepreneurial ventures. Additionally, the increasing societal acceptance and changing attitudes towards cannabis contribute significantly to the market’s growth. The rising demand for alternative therapeutic solutions, coupled with a growing awareness of the potential health benefits of cannabis, further propels the market forward. Furthermore, the economic impact, including job creation and increased tax revenues, adds to the allure for both investors and policymakers. As Missouri’s legal cannabis market continues to evolve, these growth factors collectively shape an industry poised for sustained expansion and innovation.

Report Scope of the Missouri Legal Cannabis Market

Report Coverage Details
Market Size in 2022 USD 0.71 billion
Revenue Forecast by 2032 USD 5.21 billion
Growth rate from 2023 to 2032 CAGR of 22.05%
Base Year 2022
Forecast Period 2023 to 2032
Market Analysis (Terms Used) Value (US$ Million/Billion) or (Volume/Units)

Market Dynamics

Drivers

Restraints

Opportunities

Product Insights

The flower segment accounted for the largest revenue share of 36% in 2022 and is anticipated to register a significant CAGR from 2023 to 2032. This growth can be attributed to the benefits, ease of utilization, and lower cost of cannabis flowers compared to other products.

Pre-rolls are expected to grow at the fastest CAGR from 2023 to 2032, owing to rising adoption of pre-rolls by Missourians and 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 of these in multiple dispensaries across the state.

End-use Insights

The medical use segment dominated the market with the largest market share of 90% in 2022. The effectiveness and potency of cannabis in treating several kinds of illnesses have become the subjects of several research studies, leading to a rise in the medical usage of cannabis. Legalization has further acted as a significant enabler of market growth. Medical use has received widespread acceptance, which bodes well for segment expansion. Medical professionals are now finding it simpler to prescribe cannabis to patients who request it because of the ease of laws and regulations around its usage. The stigma associated with marijuana usage has considerably decreased as a result of increased public understanding of its advantages.

Recreational usage of cannabis is predicted to grow at the remarkable CAGR during forecast period. Cannabis is rapidly becoming popular among young people across Missouri. In addition, concerning Missouri, legalization is anticipated to generate considerable tax money for the government, while also aiding their efforts to suppress the illegal marijuana trade.

Key Companies 

Missouri Legal Cannabis Market Report Segmentations:

By Product

By End-use

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