Missouri Medical Cannabis Market Analysis Based On Product And Application

 Missouri Medical Cannabis Industry Overview

The Missouri medical cannabis market size was valued at USD 394.1 million in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 21.40% from 2023 to 2030. In Missouri, medical cannabis was legalized in November 2018. The factors contributing to market expansion in Missouri are growing research about the advantages of cannabis-based products on human health, increasing awareness regarding the benefits among the patients, and a rise in the prevalence of chronic conditions in the state. In addition, the legalization of cannabis in the state created enormous opportunities for market growth.

Medical cannabis has received varying degrees of approval in the medical community as a genuine treatment option for childhood seizures, glaucoma, bipolar disorder, PTSD, schizophrenia, weight loss during chemotherapy, and many others. However, the perception regarding marijuana as well as cannabis-based products is shifting toward a potential drug providing medical benefits, and hence the prescriptions for medical purposes are increasing in the state as well as at the national level. In addition, legalization has led to an increase in business opportunities, thereby increasing the presence of local, national, and international players in the market through strategic initiatives. For instance, BeLeaf Medical, situated in St. Louis, became Missouri's first medical cannabis farmer in June 2020, and it is a vertically integrated firm with ten total licenses in the state.

Gather more insights about the market drivers, restrains and growth of the Global Missouri Medical Cannabis market

 

Furthermore, some of the main factors for the market expansion in Missouri include more research into the advantages of marijuana on human health, increased patient knowledge regarding such benefits, and an increase in the prevalence of chronic conditions. Moreover, the fact that marijuana is yet to be authorized for recreational use in the state may stifle market growth. However, the rising number of health conditions included under medical marijuana treatment is anticipated to boost the market growth during the forecast period. For instance, as of December 2019, the Department of Health and Senior Services (DHSS) had received 2,200 pre-filled application forms, and more than 22,000 Missourians had applied for and acquired a qualified patient ID card. This creates a lucrative opportunity for the industry in the near future.

In addition, the long history of Missouri regarding the utilization of marijuana, which dated back to the 1900s, impacted the government and finally led to the initiation of the legalization process of cannabis for medical use in the state. However, since the enforcement of the law was difficult owing to its status at the federal level and non-recognition of it as a medicine under the federal law, the idea of legalization was not further considered by the Missouri state. However, there were some reforms toward its decriminalization and in 2014, cannabis was decriminalized. The enforcement of Senate Bill 491 in January 2017 marked the decriminalization of cannabis and penalties on offenses were reduced under the bill. In addition, it eliminated the imprisonment and punishment for the possession of up to 10 grams of marijuana, thereby paving way for patients to cultivate cannabis for their personal consumption. Such instances fuelled the market growth and favorable government initiatives are anticipated to further bolster the market growth during the forecast period.

The medical cannabis business at the state as well as the national level has been impacted by COVID-19. The pandemic, for instance, has caused a temporary halt to medical and recreational cannabis launches and licensing rounds across the United States while state and local governments scurry to complete the duties and documentation required to take marijuana programs forward. This drastically impacted the growth of Missouri medical cannabis. However, with situations heading toward normalcy, the approval and licensing for cannabis are expected to regain their pace, thereby supporting the overall market growth.


Browse through Grand View Research's Pharmaceuticals Industry Research Reports.

  • Plant-based API Market - The global plant-based API market size was estimated at USD 27.97 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 6.0% from 2023 to 2030. The plant-based API market is witnessing growth due to factors such as the rising awareness and interest for plant-based medicines, increasing prevalence of chronic diseases, and growing advancements in genomics and biotechnology.

 

  • Morocco Medical Cannabis Market - The Morocco medical cannabis market size was valued at USD 24.90 million in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 48.0% from 2023 to 2030. The growth of the industry in the country is driven by several factors, including the increasing legalization of medical marijuana globally, the growing demand for alternative treatments for chronic diseases, and the country's longstanding reputation as a major producer of cannabis.

 

 

Missouri Medical Cannabis Market Segmentation

Grand View Research has segmented the Missouri medical cannabis market based on product and application:

Missouri Medical Cannabis Product Outlook (Revenue, USD Million, 2018 - 2030)

  • Flower
  • Oils & Tinctures

Missouri Medical Cannabis Application Outlook (Revenue, USD Million, 2018 - 2030)

  • Cancer
  • Chronic Pain
  • Depression & Anxiety
  • Arthritis
  • Diabetes
  • Glaucoma
  • Migraines
  • Epilepsy
  • Multiple Sclerosis
  • Others
    • AIDS
    • Amyotrophic Lateral Sclerosis
    • Alzheimer’s
    • Post-Traumatic Stress Disorder (PTSD)
    • Parkinson's
    • Tourette’s
    • Others

 

Market Share Insights

  • January 2022: Organic Remedies Missouri announced the launch of its product line for medical marijuana patients in the state. Such initiatives will help in supporting the market growth over the forecast period.

 

Key Companies profiled:

Some prominent players in the Missouri medical cannabis market include:

  • BeLeaf Medical
  • Blue Sage Cannabis Co.
  • Show Me Alternatives
  • Heya Wellness
  • Missouri Wild Alchemy
  • Organic Remedies
  • Holistic Industries
  • Kansas City Cannabis
  • LOCAL CANNABIS COMPANY
  • MOcann Extracts

 

Order a free sample PDF of the Missouri Medical Cannabis Market Intelligence Study, published by Grand View Research.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

Contact:

Sherry James

Corporate Sales Specialist, USA

Grand View Research, Inc.

Phone: 1-415-349-0058

Toll Free: 1-888-202-9519

Email: sales@grandviewresearch.com

Web: https://www.grandviewresearch.com

Follow Us: LinkedIn | Twitter

 

 

Comments

Post a Comment

Popular posts from this blog

Drug Addiction - Pipeline Review, H1 2017 Market Overview and trends research report

Radiant insights, inc latest Pharmaceutical and Healthcare disease pipeline guide Drug Addiction - Pipeline Review, H1 2017, provides an overview of the Drug Addiction (Central Nervous System) pipeline landscape. Drug addiction, also called substance dependence or chemical dependency, is a disease that is characterized by a destructive pattern of drug abuse that leads to significant problems involving tolerance to or withdrawal from the substance. Drug addiction symptoms or behaviors include recurrent drug use that results in a lack of meeting important obligations at work, school, or home, inability to sleep, awake at unusual times, unusual laziness, loss of or increased in appetite, changes in eating habits, cold, sweaty palms; shaking hands., red, watery eyes; pupils larger or smaller than usual and unusual smells on breath, body or clothes. Report Highlights Radiant insights, inc Pharmaceutical and Healthcare latest pipeline guide Drug Addiction - Pipeline Review, H1 2017, p...
Read more

All Countries Dialyzer Industry 2013-2028 - Market Size, Share, Outlook, Growth, Key Players and Forecast

The global Dialyzer market was valued at $XX million in 2018, and Radiant Insights, Inc analysts predict the global market size will reach $XX million by the end of 2028, growing at a CAGR of XX% between 2018 and 2028. This report provides detailed historical analysis of global market for Dialyzer from 2013-2018, and provides extensive market forecasts from 2019-2028 by region/country and subsectors. It covers the sales volume, price, revenue, gross margin, historical growth and future perspectives in the Dialyzer market. Download Free Sample Report @ https://www.radiantinsights.com/research/2013-2028-report-on-global-dialyzer-market/request-sample Leading players of Dialyzer including: • Fresenius Medical Care • Baxter • Nipro • Asahi Kasei • Toray • B.Braun • Nikkiso • Medtronic • Kawasumi • Medica • Wego • Lengthen • Peony Medical • Chengdu OCI • Bain Medical Equipment Market split by Type, can be divided into: • Flat Type Dialyzer • Coil Tube Dialyzer • Ho...
Read more

Insights into the Medical Waste Disposal Category: A Comprehensive Procurement Intelligence Report

  Medical Waste Disposal Category Overview The medical waste disposal category is anticipated to grow at a CAGR of 6.0% from 2023 to 2030. Appropriate disposal of medical trash is the key challenge for healthcare providers across the globe. Rising awareness about the benefits of proper medical waste management for treatment, recycling, and disposal of medical trash has boosted the growth of the category. According to the World Health Organization Study Report 2022, countries with low income generate over 0.2 kg of medical trash per day per hospital bed, whereas countries with high income generate hazardous waste of up to 0.5 kg per hospital bed each day. Moreover, rising government initiatives and strict rules and regulations for waste management are also expected to drive the category. For instance, in December 2022, an MOU was signed between the Center for Health Environment Research and Development and Can Tho Central General Hospital under USAID’s Reducing Pollution Project. T...
Read more