A new report estimates that the Missouri medical cannabis market will increase significantly during the next several years.
Grand View Research Inc. (GVR) has released a report showing the Missouri medical cannabis market growing to $2.02 billion by 2030, with a CAGR of 22.7 percent.
Medical Cannabis Growth in Missouri
According to GVR, based on application, chronic pain was the dominating market segment in 2021, with a more than 25 percent share owed to a sizable patient base.
GVR says chronic neurogenic-associated pains like arthritis, cancer, headache, and low back issues are only a few symptoms that people treat with cannabis.
GVR says the market will likely experience growth during the forecast period as people learn of cannabis’ benefits and importance.
“Growing evidence of marijuana’s health advantages, rising patient knowledge regarding these benefits, and an increase in the prevalence of chronic conditions are the major factors contributing to the market growth,” states a GVR press release. “In addition, since November 2018, Missouri has allowed the cultivation, processing, manufacturing, and distribution of medical cannabis.”
As a result, GVR says medical cannabis sales have experienced a sharp rise, which has driven market growth in Missouri.
Market Factors
GVR says oils and tinctures accounted for the largest revenue share in 2021, with some significant growth factors like the benefits of oil and tincture utilization over smoking and ease of use.
GVR estimates oils and tinctures will grow the fastest through the forecast period due to increased demand from patients with conditions like PTSD, epilepsy, autism, and chronic pain.
While GVR estimates significant growth in Missouri’s medical cannabis market, it says COVID-19 lockdowns disrupted daily operations and consumer behavor.
With retail stores closed from the lockdowns and suspension of the logistics industry in countries like China and India, GVR says the market experienced a supply deficit.
GVR says supply chain interruptions across the United States also put a tremendous strain on raw material supplies, hindering market growth.
Additionally, GVR says the interruptions have also affected cannabis product manufacturing and, consequently, disrupted Missouri’s medical cannabis supply chain.
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