Missouri's Cannabis industry hits high revenue numbers

Promoters of Medical Cannabis in Missouri said the fledgling business continues to see major success.

Medical Cannabis officials said dispensaries seem to be the only business without a hiring problem.

In fact, they are dealing with the opposite, too many people want to work there.

They said Missouri dispensaries are setting records for tax revenue and it's only going to get better.

The spokesperson for Missouri Medical Cannabis Trade Association, Jack Cardetti, said the revenue has been massive.

"As we sit here today, we've now had over $41 million in cannabis sales in the State of Missouri," Cardetti said. "Also, there are 92 dispensaries throughout the state of Missouri that have already been approved to operate so it's something we're really excited about," Cardetti said.

Cardetti said the state has received nearly $30 million in tax revenue and more than 100,000 patients and caregivers now either use or can purchase medical cannabis in the state.

Cardetti said what's special about the cannabis business in Missouri as oppose to other states is patients' access to local stores.

"Patients don't have to drive halfway across the state to get their medicine in Missouri. There's going to be a total of 192 dispensaries when all is said and done here, which means most Missourians are going to have to drive 30 minutes or less to access their medicine," Cardetti said.

He said the biggest issue dispensaries have run into is what to do with their cash receipts. Since Uncle Sam still considers cannabis as an illegal drug, federally-insured banks will not accept those deposits.

However, the COO at 3Fifteen Primo Cannabis in Columbia said there are banks that are willing to work with them.

"So, there are some banks in Missouri that can do business in the cannabis space and we're very happy they provide that service and we utilize it, so from any cash or business management perspective it's like any business we just have less options to go with," Wesley Lang, the COO of 3fifteen Primo Cannabis said.

Lang said banking is not the only service hard to come by. The nature of the business also necessitates the purchase of supplies to be made strictly through cash or recently rounded debit purchases.

Until new laws are adopted, Lang said these business challenges won't improve.

The federal SAFE Banking Act is headed to the U.S. Senate. which would allow cannabis businesses to work with more financial institutions and could provide comfort to suppliers now reluctant to do business with establishments in the industry.