The New York state Office of Cannabis Management has generated more than $1 billion in total revenue since the recreational cannabis market opened in 2022, according to its annual report released Thursday.
That money has come from the nearly 300 adult use cannabis dispensaries now open across the state. The office said it has issued over 5,000 licenses, permits and registrations and conducted 1,300 enforcement inspections over that time.
“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,” Office of Cannabis Management Acting Executive Director Felicia A.B. Reid said in a statement. “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.”
In the year 2024 alone, the office said $757.8 million in adult-use retail sales was made.
“The tax revenue generated by this thriving industry directly supports our Community Reinvestment Grant Program, ensuring that communities disproportionately impacted by cannabis prohibition receive critical investments. This is only the beginning of what’s possible when we invest in an inclusive and well-regulated industry,” New York Cannabis Control Board Chair Tremaine Wright said in a statement.
When it comes to enforcement, the state said 450 businesses were padlocked and 16,900 pounds of illicit products seized.
The state’s recreational cannabis industry has faced numerous legal hurdles over implementation, the latest coming last month when a state Supreme Court in Albany County placed an injunction on the state from issuing new cannabis store licenses to applicants that don’t have a secured retail space as required by state law.
