Missouri Legal Cannabis Market Growth & Trends
The Missouri legal cannabis market size is expected to reach USD 2.9 billion by 2030, expanding at a CAGR of 23.0% during the forecast period, according to a new report by Grand View Research, Inc. The growing research and development activities are expected to drive the demand for the drug over the forecast period. The increasing demand for cannabis in medical and recreational applications is one of the pivotal factors that are expected to propel the demand for medical marijuana in the coming years.
The rapid increase in applications of the product for various indications including inflammation, epilepsy, sleep disorders, pain, anorexia, multiple sclerosis, and schizophrenia is estimated to drive the market. The regulator's and consumer acceptance of the products is increasing which in turn is positively impacting the growth. Moreover, there is a shift to prescription drugs from cannabis herbal preparations. Demand for quantified, packed, and processed products is significantly increasing which is driving the growth.
The lockdown imposed, caused a decrease in customers buying from offline or retail shops, however, many key players in this business shifted their focus to selling products on social media and e-commerce platforms. The overall industry has grown due to the increasing number of consumers with the approval of its adult use in the state. The industry witnessed a downfall due to the shortage of the drug. The primary reason for an overall decrease in revenue was the government-imposed restrictions on international commerce due to the pandemic.
Factors such as the shift of people from opioid drugs to cannabis-based treatments are considered to be major factors in helping the growth. Increasing awareness about the medicinal properties of this product is attributed to be a key growth factor. Recent research studies confirming the anti-cancer properties of the product and the preference of patients for cannabis treatment of chronic conditions such as Alzheimer’s and Parkinson’s disease over other drug therapies available are key factors attributed to being critical factors, anticipated to contribute to the growth.
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Missouri Legal Cannabis Market Segmentation
Grand View Research has segmented the Missouri legal cannabis market based on product and end-use:
Missouri Legal Cannabis Product Outlook (Revenue, USD Million, 2018 – 2030)
- Oils and Tinctures
List of Key Players of Missouri Legal Cannabis Market
- 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
Grand View Research is an India & U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. Grand View Research database is used by the world's renowned academic institutions and Fortune 500 companies to understand the global and regional business environment. Our database features thousands of statistics and in-depth analysis on 46 industries in 25 major countries worldwide.
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