New York Surpasses $1 Billion in Retail Sales
New York’s cannabis industry has hit a historic milestone, surpassing $1 billion in retail sales nearly three years after legalization. This achievement highlights the state's dedication to building a regulated, equitable, and community-focused cannabis market. Governor Kathy Hochul and other officials celebrated the news, emphasizing its reflection of consumer demand and the resilience of cannabis entrepreneurs across the state.
Equity and Licensing at the Core
The state has made equity a central pillar of its cannabis industry, with 54.1% of adult-use licenses awarded to Social and Economic Equity applicants. This includes strong participation from minority- and women-owned businesses, demonstrating a commitment to inclusivity. To date, New York has issued or provisionally approved over 5,250 licenses, including:
221 Adult-Use Cultivator Licenses
292 Adult-Use Processor Licenses
272 Microbusiness Licenses
569 Conditional Retail Dispensary Licenses
Economic and Social Impact
In 2024 alone, retail sales reached $757.8 million by November 30, with significant tax revenues reinvested into communities disproportionately impacted by past cannabis prohibitions. By fiscal year-end 2023-2024, cannabis sales contributed $80.2 million in tax and fee revenue, with $67 million collected halfway through the next fiscal year.
Efforts to combat the illicit market included seizing 16,900 pounds of illegal cannabis products valued at $68.5 million and conducting 1,300 enforcement inspections, leading to 450 business closures.
Medical Cannabis and Consumer Trust
The state’s Medical Cannabis Program also expanded in 2024, surpassing 100,000 registered patients and 8,500 caregivers. With 3,550 lots of medical cannabis products tested and 9.8 million campaign impressions, the program underscores the importance of accessibility, safety, and public awareness.
The Road Ahead
Officials remain optimistic about the industry’s future, with projections of reaching $2 billion in sales by 2025. This growth reflects the strength of consumer demand, ongoing equity initiatives, and strong regulatory frameworks that prioritize safety and quality.
