NY Celebrates Cannabis Industry $1 Billion in Retail Sales

Press Release: 12/31/24

New York State Cannabis Industry Hits More Than $1 Billion in Retail Sales, Reflecting Robust Growth and Consumer Confidence

Revenue Boosted by Over 50% of New York’s Cannabis Licenses Awarded to Social and Economic Equity Applicants, Empowering Minority and Women-Owned Businesses

Over 275 Licensed Dispensaries and 500 Supply-Side Licenses Contribute to Historic Milestone in Cannabis Equity

Product Diversity and Innovation Accelerates as 500 Brands Now Serve the Market

Governor Kathy Hochul today proudly announced that New York State’s cannabis industry has reached a historic milestone of more than $1 billion in retail sales. This achievement reflects the dedication of entrepreneurs, consumers, and communities who have embraced the legal market and helped to establish New York as a national 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.”

Office of Cannabis Management Acting Executive Director Felicia A.B. Reid said, “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. 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.”

New York’s cannabis industry has set the standard for equity in action. More than half of all adult-use licenses have been awarded to Social and Economic Equity applicants, with significant representation from minority- and women-owned businesses. This achievement comes at a time of remarkable growth for cannabis consumption in New York. Over the past decade, adult use has risen significantly, with 19 percent of New Yorkers reporting annual use (+30 percent) and 12 percent reporting monthly use (+43 percent). Additionally, 67 percent of consumers who used cannabis in the past year reported purchasing from legal retail sources, reflecting growing confidence in the regulated market.

Cannabis Control Board Chairwoman Tremaine Wright said, “New York’s cannabis industry was designed with a focus on equity and opportunity, and today’s achievement is proof that our approach is working. By prioritizing Social and Economic Equity applicants, we’re creating a market that uplifts communities and fosters meaningful economic impact across the state. 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.”

Assembly Majority Leader Crystal Peoples-Stokes said, “As the Buffalo Bill's coach says, ‘Trust the process.’ Things will continue to improve and be refined, but New York State's Office of Cannabis Management (OCM) has established a solid foundation towards the success of its infant cannabis industry. Congratulations to OCM staff, the advocates, and the backbone of it all, New York's cannabis supply chain of small businesses, in surpassing this milestone.”

The announcement comes on the heels of a strong and transformative year for New York cannabis, as highlighted in the just released OCM Annual Report. Report highlights below:

2024 in Review

• Over 5,250 Licenses, Permits, and Registrations issued or provisionally approved to date in State Fiscal Years 2023-2024 and 2024-2025

  • 221 Adult-Use Cultivator Licenses

  • 292 Adult-Use Processor Licenses

  • 569 Conditional Adult-Use Retail Dispensary Licenses

  • 448 Adult-Use Retail Dispensary Licenses

  • 185 Adult-Use Distributor Licenses

  • 272 Adult-Use Microbusiness Licenses

  • 3,265 Cannabinoid Hemp Licenses and Permits

  • 17 Registered Organizations

• 269 Adult-Use Retail Dispensaries open for business

• 54.1 percent of Adult-Use Licenses issued to social and economic equity businesses

• $757.8 million in Adult-Use retail sales in 2024 as of November 30, 2024

• $80.2 million in tax, fee, and fine revenue in State Fiscal Year 2023-2024

• $67 million in tax, fee, and fine revenue by the mid-point of State Fiscal Year 2024-2025

EQUITY + COMMUNITY PARTNERSHIPS + TRAINING

• OCM continued its support for equity applicants and licensees into 2024 through its programs, including the Cannabis Hub and Incubator Program (CHIP) SEE Application Assistance, collaborating with Technical Assistance Providers, CHIP Academy, and the CAURD Accelerator Program.

• To significantly improve license processing, and enhance transparency, OCM implemented a single point of contact (SPOC) licensing review model.

• In partnership with the Cannabis Advisory Board, opened the application window for Community Reinvestment Program grants, which will invest in neighborhoods that have been historically under-resourced, underserved, and over-policed.

• In Feb. 2024, the OCM Veterans Taskforce was established to support, educate, and provide resources related to cannabis to the veteran population.

• In 2024, 22 Advanced Roadside Impaired Driving Enforcement Trainings were conducted by the Governor’s Traffic Safety Committee (GTSC) with support from OCM, training 797 officers in necessary skills to identify impaired driving.

• Additionally, four Drug Recognition Expert (DRE) Schools were held by GTSC with support from OCM, adding 60 newly certified DRE officers to the force and bringing the number of active DRE-Certified Officers in NYS to 445.

MEDICAL CANNABIS

• Over 100,000 patients registered with the Medical Cannabis Program

• Nearly 8,500 Registered Caregivers

• 4,454 Certifying Providers

• 21 Medical Dispensaries

• 11 Medical and Adult-Use Co-located Dispensaries

• 3,550 Lots of medical cannabis products laboratory tested

• 2024 Medical Cannabis campaign earned over 9.8 million impressions, over 42,500 clicks, and prompted 1 million video completions

ENFORCEMENT

• 1,300 enforcement inspections conducted

• 450 businesses padlocked

• 16,900 pounds of illicit products seized

• $68.5 million street value of products seized

• 8,700 Lots of adult-use cannabis products laboratory tested

• 431 field hours of compliance inspections

New York’s cannabis strategy ensures a safe and fair marketplace for small businesses and entrepreneurs across the state. In collaboration with local municipalities the OCM padlocked hundreds of illicit stores across New York, leading to seizures of over 16,000 pounds of unsafe cannabis products. The OCM has enhanced its capacity to tackle unlicensed operators while fostering strong relationships that benefit both the industry and New York communities as cannabis in the market continues to grow. New York remains steadfast in its commitment to equity and inclusion.

To learn more, read the Office of Cannabis Management’s 2024 Annual Report, which provides an in-depth look at the work the OCM has done in the past year.