Missouri medical cannabis market size was valued at USD 31 million in 2020 and is anticipated to expand at a CAGR of 22.1% during the forecast period, 2021–2028. The growth of the market is attributed to the increasing prevalence of chronic diseases, rising research and development about benefits of marijuana on human health, and growing awareness about its benefits among patients. In 2018, the medical use of cannabis was legalized in Missouri.
Missouri has a long history about use of marijuana, which was dated back in 1900s when there was trend of prohibition of the drug. The state prohibited all types of marijuana and also formulated several stringent regulations to prevent smuggle of cannabis and if anyone was found possessing marijuana, then the person would be charged with a death penalty. Later, in 1994 cannabis are legalized by the state legislature for medical use and there emerged some political dispute as the legalization of cannabis as medicine was not accepted under the federal law. Therefore, the legalization of cannabis was dropped by Missouri State.
In 2014, several improvements were made which led to pave for the legalization of the plant. In January 2017, Senate Bill 491 was enacted, which further push forward for the legal adoption of the plant for medicine use. Meanwhile, as per the bill, the provision for imprisonment punishment of the person for keeping marijuana was revoked if the person has possession up to 10 grams.
These series of events finally led to the legalized consumption of cannabis by patients as part of their treatments. The process of distribution, manufacturing, and cultivation of the plant was firstly legalized in Missouri in November 2018 and this allowed the development of cannabis for the use of medicine in the state.
Market Trends, Drivers, Restraints, and Opportunities
- Growing prevalence of diseases and rising number of patients suffering from chronic illness are expected to fuel the growth of the market.
- Increasing sales of medical cannabis and accessibility of marijuana are projected to propel the market growth over the forecast period.
- Availability of medical cannabis at cheaper price is one of the key factors responsible for the market expansion in the coming years.
- Growing geriatric population around the world and their higher risks to be exposed to several diseases are crucial factors driving the market.
- Recreational use of marijuana is prohibited in Missouri, which is anticipated to hinder the market growth.
- Stringent regulations on the development process and presence of illegal recreational market are major challenges that are anticipated to hamper the market expansion over the forecast period.
Scope of Medical Cannabis Market Report
The report on Missouri medical cannabis market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Missouri Medical Cannabis Market - Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2020
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Historic Data
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2018–2019
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Forecast Period
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2021–2028
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Segmentation
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Product Types (Buds, Oils, and Tinctures) and Applications (Chronic Pain, Cancer, Mental Disorders, and Others)
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Regional Scope
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Missouri
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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fresh.green dispensaries, Missouri Wild Alchemy, Flora Farms, The Valley, COCO, and Nirvana Investments LLC
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Medical Cannabis Market Segment Insights
Buds segment is projected to hold a key market share
On the basis of product types, Missouri medical cannabis market is segmented into buds, oils, and tinctures. The buds segment is expected to hold a key share of the market during the forecast period. Buds are the main plant product, which is considered to be helpful for patients by alleviating chronic pain and reducing progression of Alzheimer and cancer disease. Also, buds form is cheaper than other forms of products and affordable to patients with low-income, which acts as key factor driving the segment growth.
On the other hand, the oil segment is anticipated to expand at a rapid pace during the forecast period as it is widely used for various applications such as muscle spasms due to multiple sclerosis, growing demand of oil for treating epilepsy, autism, seizures, and post-traumatic stress disorder (PTSD), Parkinson’s disease, and chronic pain. Moreover, oil is safe and can be easily distributed for patients’ consumption as it does not cause any ill effects on health.
Mental disorder segment is expected to grow at a rapid pace
Based on applications, the market is divided into chronic pain, mental disorders, cancer, and others. The chronic pain segment is expected to account for a key share of the market during the forecast period owing to the increasing acceptance of cannabis for pain management. The medical cannabis is widely used for the pain treatment related to various types of illness and disorders such as cancer, neurogenic, headache, face pain, arthritis, neck, and low back. Moreover, chronic pain is related to several other medical conditions, which increases acceptance of cannabis for pain management. Increasing aging population, who are more prone to acute pain due to weaker immune system, is a critical factor for pushing the demand for pain management solutions, thereby, propelling the segment growth.
However, the mental disorders segment is anticipated to expand at a rapid pace during the forecast period. Medical cannabis is increasingly adopted as alternative to those failed treatment and unresponsive mental disorders in the previous cases. Increasing research and growing usage of marijuana for various mental disorders treatments is anticipated to fuel the segment growth in the coming years.
Psychological conditions such as anxiety disorders, bipolar disorder, Alzheimer’s disease, post-traumatic stress disorder (PTSD), attention deficit hyperactivity disorder (ADHD), Parkinson’s disease, depression, and multiple sclerosis are treated effectively by using medical cannabis because of its therapeutic benefits.
Segments
Missouri medical cannabis market has been segmented on the basis of
Product Types
Applications
- Chronic Pain
- Mental Disorders
- Cancer
- Others
Key Players
Competitive Landscape
Key players competing in Missouri medical cannabis market include fresh.green dispensaries, Missouri Wild Alchemy, Flora Farms, The Valley, COCO, and Nirvana Investments LLC.
Major market players are actively focusing to implement several business strategies such as mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to increase their market shares.
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