Only two months since adult-use marijuana sales started in Missouri, the sector hit a sales record of $126 million in March. The figure comes from a consolidated figure of $32.7 million from medical marijuana sales and $93.5 million from adult-use sales.
Compared to February figures, that was a 22.4% growth. The total sales generated in February were $103 million. Based on state data, the Missouri cannabis market will reach $1 billion by December. The growth has created vacancies for high-paying jobs compared to other markets.
Missouri’s cannabis sector has created over 14,000 direct jobs
From the $126 million figure, data shows the market is projected to grow to $ 1 billion by the end of the year. Based on a report by the Missouri Division of Cannabis, the cannabis industry jobs in Missouri have already created over 14,000 direct jobs. The sector’s association MoCannTrade said regulators are keenly keeping an eye on Jobs growth in the sector.
A statement by Andrew Mullins, the MoCannTrade Executive Director, said comparing the record cannabis sales and the voting by communities in November set the pace for a lasting impression on the state’s economy. Missouri’s cannabis program is one of the friendliest programs in the U.S. The economic impact of the cannabis sector in the state will continue growing.
Missouri residents praise The state Department of Health and Senior Services
Residents in Missouri praised the DHSS for its quick action to implement strategies for a well-regulated adult-use market in the state. The agency began its implementation plan days before voters went to the ballot in November. By early February, the department had cleared the first lot of dispensaries to begin the sale of adult-use cannabis to users. At the same time, it began receiving applications from residents who want to grow their own cannabis plants at home.
Missouri is not the only state that is getting a boom in marijuana sales
The boom in marijuana sales is not being experienced in Missouri alone. Other markets where marijuana is legal across the nation are experiencing a boom too. It is a sign that the marijuana market in the U.S. is coming to maturity. Online marketing and sales have also helped propel growth to unimaginable heights.
For instance, New Mexico recently celebrated one year since the sale of adult-use cannabis started in the state. The state’s governor said the cannabis sector had generated over $300 million since last April. Just like the cannabis industry jobs in Missouri, the New Mexico market has so far created thousands of jobs.
Arizona is another state that is making huge strides in cannabis sales. Its 2022 end-year report shows the state achieved $1.4 billion in cannabis sales. Massachusetts was one of the pioneering states to legalize adult-use cannabis. After its launch in 2018, the state generated more than $4 billion in sales in January.
In a rather sad report, Wisconsin has been losing millions in revenue to Illinois. A senator in the state gave a legislative analysis to show the huge losses the state is incurring. Due to the lack of a regulated market in the state, its residents travel to Illinois to buy and use cannabis products. Without regulation, the state cannot create jobs like those created by the cannabis industry jobs Missouri.
In the meantime, legislators in Missouri might soon pass a bill legalizing psilocybin therapy for specific patients. The bill will help improve psychedelic research and expand the scope of the established “Right to Try” law for critically ill people. The House has already received initial consideration. What remains is to go to a final vote in the House before heading to the Senate.
Cannabis industry jobs in Missouri pay better than in other markets
Stakeholders in the cannabis industry jobs in Missouri say the positions created in the sector pay better compared to other markets. Most of the dispensaries have grown their employer number by about 30%. Workers in the cultivation farms have grown by 40%. People who want to work in the cannabis market in Missouri must apply through the Department of Health and Senior Services.
Once approved, the department issues the applicant with an agent ID badge. Data from the department shows the number of badges it issued in November was 2050. Since then, the numbers have grown more than 4 times. In February 2023, the department issued over 1,100 badges. A report by a cannabis recruiting software development company based in New York shows cannabis industry jobs in Missouri pay more compared to other markets.
The Chief Executive of Engin, Sloane Barbour said he thinks Missouri offers a friendly environment for the cannabis business. He said the company has been gathering data on marijuana job vacancies and job seekers for the last three years. Since 2020, the company has gathered nearly 20 million important data points.
Data is collected and analyzed to help compare salaries in other markets
After collecting data, the company consolidates and analyzes it to help it compare the results with salaries in other markets before releasing the report. The developer said the cannabis system in the U.S. is full of flaws because of its illegality at the federal level which makes it harder to collect data.
The report by Engin shows a big difference in salary figures for top cannabis jobs based on the national average salary compared to the Missouri figure. At the national average, a dispensary general manager earns $68,000. In Missouri, the average salary for the same position is from $70,000 to $80,000.
An hourly budtender or hourly dispensary retail employee earns $16.50 per hour based on the national average. Based on the Missouri average, the positions earn from $17 to $19 per hour. Nationally, the cannabis sector employs approximately 500,000 people. That number is expected to rise to about 1 million to 1.5 million jobs in five years.
The report by Engin says for every $1 million revenue generated in the cannabis market, it leads to an additional 20 to 25 new jobs. The new record of $126.2 million in March shows the Missouri cannabis market can support more than 2,000 jobs.