New York regulators anticipate $800 million in revenue from state-licensed dispensaries by the end of 2024, according to a report by CNY Central. While the figure marks significant growth from last year, it remains far below the $5 billion forecasted when adult-use sales were legalized.
The state currently generates over $24 million weekly from adult-use sales, a notable increase compared to 2023 when unlicensed operators and legal challenges delayed market growth. The accelerated opening of licensed dispensaries in 2024 has contributed to the improved figures, with 216 dispensaries now operating statewide as of October 15.
Comparatively, neighboring New Jersey reported $673 million in adult-use sales for 2023, having launched its market eight months ahead of New York. By October 1, New York’s adult-use sales had reached $654 million, according to a report submitted to state lawmakers by cannabis regulators.
The state has distributed $22 million in cannabis-derived tax revenues so far this year. Of that, $8.8 million was allocated to the upstate region, $7.9 million to New York City, and $5.3 million to the downstate region.
New York’s legal market is showing growth but faces challenges in meeting earlier revenue projections. Regulators and market participants remain focused on building a sustainable, compliant industry to continue expanding opportunities for businesses and consumers.
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