New York marijuana regulators published a year-end review of the state’s legal cannabis system last week, which found that retailers sold over 3.5 million marijuana products. The report also highlights major milestones and a snapshot of the market almost exactly a year after the state’s first adult-use sales began.
According to the report, consumers purchased more than 3.5 million cannabis products during the year. Once December’s figures are tallied, total sales for the year are expected to exceed $150 million.
Over $16 Million in Revenue
By the mid-point of State Fiscal Year 2023-2024, cannabis revenue has totaled over $16.6 million, with the Medical Cannabis Program generating over $4.3 million, the Cannabinoid Hemp Program generating over $560,000 and the Adult-Use Cannabis program generating over $11.7 million, the report states.
New York also issued nearly 6,200 licenses, permits and registrations in the fiscal years 2022-2023 and 2023-2024. Here is a breakdown of what was issued:
- 279 adult-use conditional cultivator licenses
- 40 adult-use conditional processor licenses
- 463 conditional adult-use retail dispensary licenses
- 5,404 cannabinoid hemp licenses and permits
- 10 registered organizations approved, 1 renewal pending
Of the more than 3.5 million products sold, 46% were raw flower or pre-rolls and 54% were processed, non-flower products. Flower and vape cartridges led the list of individual product types, at 31% and 27% of total sales, respectively. Following behind were edibles (17%), pre-rolls (15%), concentrate (7%), tincture (1%), tablets and lozenges (1%) and topicals (less than 1%).
