More than 1,000 industry leaders gathered at the MJ Unpacked Conference in St. Louis to address issues facing the cannabis market.
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In less than two years since legalizing recreational cannabis, Missouri's cannabis market has surged to $1.4 billion, surpassing states like Arizona, Colorado, and Nevada, which have longer-standing legalization histories.
Laurie Parfitt, CEO of LKP Impact Consulting, highlighted Missouri's success at the recent MJ Unpacked Conference in St. Louis, where industry experts gathered to discuss key issues and trends in the cannabis sector.
Parfitt praised Missouri's rapid growth, forecasting continued momentum in the market.
Consumer data from Headset, covering sales from September 2023 to October 2024, reveals that millennials — particularly men — are the primary cannabis buyers in Missouri, comprising over 40% of shoppers and 64% of total sales. Gen X buyers make up 25%, Gen Z accounts for 18%, and baby boomers hold 14% of the market.
Across all age groups, cannabis flower remains dominant, representing nearly 50% of sales, though younger consumers also favor vape products. Among baby boomers, edibles are gaining popularity, with baby-boomer women now the leading consumers of edibles in Missouri.
Missouri's market has also distinguished itself by sustaining steady monthly sales of around $120 million, avoiding the early boom-and-bust cycle seen in other states that added recreational cannabis after medical-only programs. As of October 2024, Missouri ranks fifth in recreational cannabis sales nationwide and boasts over 20,000 industry jobs, underscoring the economic benefits cannabis has brought to the state.
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