By Blake Jackson
Governor Kathy Hochul has announced that New York State’s cannabis industry has surpassed $1 billion in retail sales, marking a historic milestone.
This accomplishment highlights the efforts of entrepreneurs, consumers, and communities in fostering a thriving legal market, positioning New York as a leader in cannabis equity and innovation.
“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. “Today, we recognize the $1 billion milestone as more than just a number it’s a testament to the hard work of those who helped build the strongest cannabis industry in the nation: one that prioritizes equity, ensures public safety, and empowers communities.”
This milestone is a testament to the resilience, hard work, and innovation of cannabis entrepreneurs across New York. As $1 billion is an incredible number. Let us celebrate the individuals, businesses, and communities in cannabis who drive our state’s economic engine," said Office of Cannabis Management Acting Executive Director Felicia A.B. Reid.
"Certainly, this moment underscores the strength of consumer demand for regulated cannabis more importantly, it firmly demonstrates that a social and economic equity approach to industry is not antithetical to strong economic growth. New Yorkers have placed their trust in a market that prioritizes equity and OCM remains committed to supporting that mission.”
OCM’s 2024 report underscores industry growth, including over 5,250 licenses issued across various categories, 269 dispensaries operating statewide, and $757.8 million in sales by November 2024. Revenue from taxes and fines exceeded $80.2 million in Fiscal Year 2023-2024 and $67 million midway through Fiscal Year 2024-2025.
Equity programs, such as the Cannabis Hub and Incubator Program, continue to assist licensees. OCM also enhanced enforcement, conducting 1,300 inspections, seizing $68.5 million in illicit products, and closing 450 illegal businesses.
The medical cannabis program has also grown, with over 100,000 patients and 21 dispensaries. Awareness campaigns reached millions, reinforcing New York’s commitment to public health and safety.
With robust enforcement, equity-driven initiatives, and growing public trust, New York’s cannabis market is positioned for sustained success.
Photo Credit: gettyimages-jessicahyd
Categories: New York, Business