According to the New York Office of Cannabis Management’s annual market report released Tuesday, there are more than 500 cannabis brands in the state and more than 260 operational dispensaries statewide, with over $1 billion in sales since the industry launched two years ago.
According to the report, 55% of dispensaries are run by social equity licensees.
Felicia A. B. Reid, acting executive director of the state Office of Cannabis Management, said the report “reflects the dynamism of New York’s cannabis industry – an industry that is shifting rapidly as the market matures and encounters both opportunities and challenges.”
“But, as ever, OCM is deeply committed to ensuring that the industry is reflective of New Yorkers and creating meaningful and forward-looking opportunities for communities historically affected by cannabis prohibition. The agency must grow alongside the market, and this report is a critical retrospective to inform future strategy.” — Reid, in a statement
Of the more than 500 brands in the New York market, two-thirds only supply products in one or two categories, and market growth with the number of retail dispensaries nearly tripled last year, according to the report.
Flower was the most popular product sold throughout New York dispensaries – comprising 33% of all sales during the report period — followed by vapes (28%), edibles (14%), prerolls (12%), concentrates (11%), tinctures and tablets, capsules, and lozenges (2%), and topicals (0.2%). Infused prerolls comprised the largest share of concentrate products (58%), while gummies made up the majority of edible sales (84%), followed by beverages (9%) and chocolates (5%).
According to the OCM report, Dank, Ayrloom, Jaunty, Off Hours, and MFNY are the most popular brands sold at New York dispensaries.
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