New York’s adult-use cannabis industry has officially surpassed $1 billion in sales since the program’s launch in 2022, according to the latest report from the Office of Cannabis Management (OCM). This significant milestone underscores the state’s dedication to creating a thriving, equitable market while meeting consumer demand.
The state has issued or provisionally approved more than 5,250 licenses, permits, and registrations to date. This includes a wide range of licenses, such as 221 adult-use cultivator licenses, 292 processor licenses, and 569 conditional retail licenses. The success of the state’s cannabis program has been fueled by a strong focus on social and economic equity, prioritizing applicants from communities most impacted by cannabis prohibition.
OCM’s Acting Executive Director, Felicia A. B. Reid, emphasized that the $1 billion sales figure is a testament to the resilience, hard work, and innovation of cannabis entrepreneurs across New York. “This milestone underscores the strength of consumer demand for regulated cannabis and demonstrates that a social and economic equity approach is compatible with strong economic growth,” she said.
The report also highlighted the state’s impressive tax revenues from the cannabis industry, with over $80 million in tax, fee, and fine revenues collected for fiscal year 2023-2024. By the midpoint of fiscal year 2024-2025, the state had already earned $67 million in cannabis-related revenues. These funds directly support the Community Reinvestment Grant Program, which focuses on investing in communities most affected by cannabis prohibition.
In a major step for the state’s agricultural sector, New York Gov. Kathy Hochul recently signed a bill making cannabis an official crop under state law, providing additional protections for cannabis farmers.
With over $1 billion in sales and continued growth, New York’s cannabis industry is setting the stage for future success, driven by its commitment to both equity and economic prosperity.
