New York cannabis industry breaks more than $1-billion in retail sales
ALBANY, NY- New York officials are announcing that the state’s cannabis industry has cracked over $1-billion in retail sales.
“Things will continue to improve and be refined, but New York State's Office of Cannabis Management (OCM) has established a solid foundation towards the success of its infant cannabis industry,” said New York’s Assembly Majority Leader Crystal Peoples-Stokes.
“Earlier this year, my administration took critical steps to promote progress and economic opportunity within New York's budding cannabis industry, including signing new enforcement powers into law that expedited the closure of unlicensed storefronts and, as a result, bolstered our legal market,” Governor Hochul said.
Over the past decade, adult use has risen significantly, with 19 percent of New Yorkers reporting annual use (+30 percent) and 12 percent reporting monthly use (+43 percent), the Governor’s Office reports.
Additionally, 67 percent of consumers who used cannabis in the past year reported purchasing from legal retail sources, reflecting growing confidence in the regulated market.
2024 in review:
- Over 5,250 Licenses, Permits, and Registrations issued or provisionally approved to date in State Fiscal Years 2023-2024 and 2024-2025
- 221 Adult-Use Cultivator Licenses
- 292 Adult-Use Processor Licenses
- 569 Conditional Adult-Use Retail Dispensary Licenses
- 448 Adult-Use Retail Dispensary Licenses
- 185 Adult-Use Distributor Licenses
- 272 Adult-Use Microbusiness Licenses
- 3,265 Cannabinoid Hemp Licenses and Permits
- 17 Registered Organizations
- 269 Adult-Use Retail Dispensaries open for business
- 54.1 percent of Adult-Use Licenses issued to social and economic equity businesses
- $757.8 million in Adult-Use retail sales in 2024 as of November 30, 2024
- $80.2 million in tax, fee, and fine revenue in State Fiscal Year 2023-2024
- $67 million in tax, fee, and fine revenue by the mid-point of State Fiscal Year 2024-2025
MEDICAL CANNABIS:
- Over 100,000 patients registered with the Medical Cannabis Program
- Nearly 8,500 Registered Caregivers
- 4,454 Certifying Providers
- 21 Medical Dispensaries
- 11 Medical and Adult-Use Co-located Dispensaries
- 3,550 Lots of medical cannabis products laboratory tested
- 2024 Medical Cannabis campaign earned over 9.8 million impressions, over 42,500 clicks, and prompted 1 million video completions
ENFORCEMENT:
- 1,300 enforcement inspections conducted
- 450 businesses padlocked
- 16,900 pounds of illicit products seized
- $68.5 million street value of products seized
- 8,700 Lots of adult-use cannabis products laboratory tested
- 431 field hours of compliance inspections
Image via the office of New York Governor Kathy Hochul.
