Licensed cannabis dispensaries in New York have sold more than $1 billion worth of cannabis products since the state’s adult-use program launched in 2022, according to the Office of Cannabis Management’s (OCM) annual industry report.
The state has issued or provisionally approved over 5,250 licenses, permits, and registrations since the program launched, including 221 adult-use cultivator licenses, 292 adult-use processor licenses, 569 conditional adult-use retailer licenses, 448 adult-use retail licenses, 569 conditional adult-use retail licenses, 185 distributor licenses, and 272 adult-use microbusiness licenses. Officials have also recognized 17 registered trade organizations, and awarded more than 3,200 cannabinoid hemp licenses and permits.
OCM’s acting executive director Felicia A. B. Reid called the $1 billion adult-use sales milestone “a testament to the resilience, hard work, and innovation of cannabis entrepreneurs across New York,” and said the moment “underscores the strength of consumer demand for regulated cannabis” and “firmly demonstrates that a social and economic equity approach to industry is not antithetical to strong economic growth.”
“New York’s cannabis industry was designed with a focus on equity and opportunity, and this achievement is proof that our approach is working. By prioritizing Social and Economic Equity applicants, we’re creating a market that uplifts communities and fosters meaningful economic impact across the state. The tax revenue generated by this thriving industry directly supports our Community Reinvestment Grant Program, ensuring that communities disproportionately impacted by cannabis prohibition receive critical investments.” — Cannabis Control Board Chairwoman Tremaine Wright, in a press release
The report also noted the state earned just over $80 million in cannabis industry tax, fee, and fine revenues for the fiscal year 2023-2024 — and by the midpoint of the fiscal year 2024-2025, the state had already earned $67 million from cannabis-related revenues.
New York Gov. Kathy Hochul (D) signed a bill last month making cannabis an official crop under the state’s agricultural law. The change will afford cannabis farmers additional protections under state law.
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