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.

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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

 

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