Missouri’s Adult-Use Cannabis Program Impacts Illinois’ Out-of-State Sales

1.5 min readPublished On: March 9th, 2023By

ILLINOIS– Missouri’s new adult-use cannabis program may be impacting the sales of legal retailers in neighboring Illinois. According to a monthly report from the Illinois Department of Financial and Professional Regulation, total recreational cannabis sales fell to $120.5 million in February, the lowest since the same month in 2022. In addition, Illinois saw its lowest number of out-of-state cannabis purchases since February 2021. While Missouri’s first month of adult-use sales surpassed $71.7 million, out-of-state sales in Illinois dropped to $30.7 million.

This decline in sales is not a complete surprise, as analysts and retailers expected increasing competition in St. Louis and along the state borders. Nevertheless, Missouri’s program is proving its gravitas, generating millions of dollars in tax revenue that will fund a range of programs and initiatives such as education, infrastructure, and healthcare. Dozens of municipalities and county governments are considering adding local taxes to recreational marijuana sales.

The legalization of adult-use cannabis in Missouri has been seen as a positive development for the state economy, generating new opportunities for businesses and entrepreneurs. Nick Wegman, the general manager of Feel State Dispensary in Northern St. Louis County, believes that the industry has provided a significant boost to the state economy, stating that “the spirit of North County has lifted, so to speak.”

While the numbers are impressive, the smooth transition of the industry has been even more impressive. MoCannTrade Executive Director Andrew Mullins praised the industry’s response to the increase in sales volume, stating that “Missouri businesses haven’t experienced the same lines, problems, and shortages that we’ve seen in other states.”

Overall, while the decline in sales in Illinois is notable, the growth of Missouri’s adult-use cannabis program is showing promising signs for the state’s economy and the cannabis industry as a whole.

About the Author: News Team

Newsteam at Highly Capitalized are some of the most experienced writers in cannabis and psychedelics business & finance. We cover capital markets, finance, branding, marketing and everything important in between. Most of all, we follow the money.

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