According to its annual report released on Thursday, the recreational cannabis market in New York state has generated over $1 billion in total revenue since its opening in 2022.
The money has been obtained from the nearly 300 adult use cannabis dispensaries currently operating throughout the state. Over 5,000 licenses, permits, and registrations have been issued by the office, along with 1,300 enforcement inspections conducted during this period.
“The achievement of reaching this milestone is a testament to the resilience, hard work, and innovation of cannabis entrepreneurs across New York. In a statement, Felicia A.B. Reid, the Acting Executive Director of the Office of Cannabis Management, expressed her admiration and said, ‘As $1 billion is an incredible number, let us celebrate the individuals, businesses, and communities in cannabis who drive our state’s economic engine.’ She also emphasized the strength of consumer demand for regulated cannabis and highlighted the significance of a social and economic equity approach to the industry, explaining that it is not contradictory to strong economic growth. Reid further emphasized the trust that New Yorkers have placed in a market that prioritizes equity and reaffirmed the commitment of the Office of Cannabis Management to support this mission.”
In just one year, specifically 2024, the office reported a staggering $757.8 million in adult-use retail sales.
“The thriving cannabis industry generates tax revenue that directly supports our Community Reinvestment Grant Program. This program ensures that communities, which have been disproportionately affected by cannabis prohibition, receive crucial investments. New York Cannabis Control Board Chair, Tremaine Wright, emphasized that investing in an inclusive and well-regulated industry holds immense potential for future growth.”
The state reported that they took action by padlocking 450 businesses and confiscating 16,900 pounds of illicit products in terms of enforcement.
The recreational cannabis industry in the state has encountered several legal obstacles during its implementation. The most recent development occurred last month when a state Supreme Court in Albany County issued an injunction, preventing the state from granting new cannabis store licenses to applicants who do not meet the requirement of having a secured retail space, as mandated by state law.
