New York Governor Kathy Hochul announced on December 31 that the state’s cannabis industry reached a historic milestone of more than $1 billion in retail sales.
“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 in a news release. “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.”
The figure reflects total sales since the cannabis market’s launch more than two years ago in late 2022. According to the Office of Cannabis Management (OCM), 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.
Cannabis Control Board chairwoman Tremaine Wright said in the news release, “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 announcement comes on the heels of the release of OCM’s Annual Report, which details medical and recreational dispensary license approvals, dispensary openings, illicit products that were seized and more.
