Cannabis Sales Expected to Reach up to $300M In First Few Years in Missouri if Legalization is Approved
If Missouri voters approve legalization this November, the state’s adult-use cannabis industry could generate between $250 million and $300 million in sales during its first few years. This would make Missouri one of the biggest cannabis markets in the country.
There is strong public support for cannabis legalization in Missouri; a SurveyUSA poll released in May found that 62% of Missourians back the reforms, including 76% of Democrats (14% opposed), 49% of Republicans (38% opposed), and 66% of independent voters (20% opposed).
Missouri is currently estimated to be an almost two-billion-dollar market for cannabis. However, most of that is due to illegal sales which doesn’t have any benefit for the state. If this amendment is approved, it is hopeful that underground buyers will move their business to stores to be able to create more revenue in the form of taxes.
Under this Amendment cannabis would have a six percent state sales tax and this money that is generated would go towards veterans, drug addiction treatment, and the public defender system. It would also help pay automatically expunge non-violent cannabis criminal records in the state. There will also be a local tax of three percent that will be used for the community needs.
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