New York regulators are expecting $800 million in revenue from state-approved cannabis dispensaries by the end of the year, CNY Central reports. The figures, outlined during a meeting on Tuesday, are short of the $5 billion the state estimated when it legalized cannabis for adult use.
Currently, the state is pulling in more than $24 million weekly from adult-use cannabis sales – far more than 2023 revenues when the state was battling lawsuits and working to shut down unlicensed operators. So far this year, the number of legal adult-use dispensaries opening in the state has outpaced 2023 openings.
Comparatively, adult-use cannabis sales in New Jersey totaled $673 million last year. The Garden State launched its adult use market eight months ahead of New York. A report filed with New York lawmakers on October 1 by state cannabis regulators showed the state had reached $654 million, according to a report from Crains.
According to state data, as of October 15, there are 216 licensed adult-use dispensaries statewide, and through October the state has distributed $22 million in cannabis-derived tax revenues. Most of those funds ($8.8 million) were distributed in the upstate region, while New York City received $7.9 million, and the downstate region received $5.3 million.
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