Missouri’s cannabis industry continues to attract businesses and create jobs.
A Michigan-based multi-state company is opening a cannabis processing plant in St. Louis this month. She is also in partnership with another company on a cultivation operation in O’Fallon.
âI think Missouri is a pretty competitive market,â said Ankur Rungta, CEO of C3 Industries. “We believe there is a good demand for our products in a market like this.”
C3 Industries is already established in Missouri. The company has opened medical marijuana dispensaries in St. Charles, Columbia, St. Robert, Cape Girardeau and Sunset Hills.
The 15,000 square foot processing center in St. Louis will provide these locations with an initial focus on cannabis concentrates, vaping cartridges and edibles.
C3 has grown rapidly since Rungta launched the company five years ago. It is found in Michigan, Massachusetts and Oregon, as well as Missouri.
Rungta left a lucrative career in finance to enter the medical jars business, but had some doubts at first.
“I didn’t put it on my LinkedIn page for the first two years because I always felt like there might be people from my previous life in corporate finance – what could. do they think of it? “
Eventually, the stigma associated with cannabis disappeared and the business grew. Now he’s set for a new chapter in Missouri as the state’s medical marijuana industry continues to take off.
The Department of Health and Seniors’ Services reports more than $ 186 million in medical cannabis sales since their debut in October 2020. That includes nearly $ 26 million between October and November of this year.
The overall impact on the state is still being assessed. The first figures from the Missouri Medical Cannabis Trade Association, known as MoCannTrade, shows that the industry has injected more than $ 800 million directly into the state in the industry’s first full year of operation.