Legal cannabis sales have surpassed $1 billion in retail sales in New York, which has provided the state with nearly $150 million in tax, fee and fine revenue over the past two fiscal years.
Gov. Kathy Hochul trumpeted the $1 billion milestone as “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.”
New York has issued 5,250 licenses, permits and registrations connected to the industry, including 569 conditional retail dispensary licenses, 448 retail dispensary licenses, 185 distributor licenses and 272 microbusiness licenses. There are 269 retail dispensaries open for business.
The state reported $80.2 million in tax, fee and fine revenue for Fiscal Year 2023-24, and another $67 million in the first half of Fiscal Year 2024-25.
“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,” Cannabis Control Board Chairwoman Tremaine Wright said in a news release. “This is only the beginning of what’s possible when we invest in an inclusive and well-regulated industry.”
More than half of licenses have been issued to Social and Economic Equity participants, with significant representation from minority- and women-owned businesses, the governor’s office said.
“New York’s cannabis industry was designed with a focus on equity and opportunity,” Wright said. “By prioritizing Social and Economic Equity applicants, we’re creating a market that uplifts communities and fosters meaningful economic impact across the state.”
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