The retail cannabis market in New York reaches $1 billion

Albany, New York – On Tuesday, Governor Kathy Hochul said that retail sales of cannabis in New York reached $1 billion. The milestone was reached months after the Office of Cannabis Management (OCM) underwent a transformation and about three years after cannabis was initially made legal in the state.

“Today, we acknowledge the $1 billion milestone as more than just a figure — it’s a testament to the dedication of those who contributed to the development of the strongest cannabis industry in the country: one that puts equity first, protects public safety, and empowers communities,” Hochul stated.

Officials highlight this year’s new initiatives to promote social and economic equity and combat the illegal cannabis market, including the establishment of the Cannabis Enforcement Task Force in May. According to OCM, Social and Economic Equity applicants have received over half of all adult-use permits, with a notable number of minority and women-owned businesses participating.

“Equity and opportunity were key components of the design of the cannabis industry in New York, and today’s accomplishment is evidence that our strategy is effective,” said Tremaine Wright, chairwoman of the Cannabis Control Board. She underlined that the tax money generated by the expanding sector is used to support investments in areas that have been disproportionately impacted by the prohibition of cannabis. “When we invest in a well-regulated and inclusive industry, the possibilities are endless.”

OCM published its 2024 report in early December, highlighting the expansion of the Medical Cannabis Program, enhancements in licensing, and an increase in cannabis use in the state.
Felicia A.B. Reid, acting head of the Office of Cannabis Management, stated that the $1 billion milestone is a reflection of the efforts made during the year.

“The tenacity, diligence, and inventiveness of cannabis entrepreneurs throughout New York are demonstrated by this milestone,” she said. “Undoubtedly, this instance highlights how strongly consumers want regulated cannabis.”

OCM is still hopeful that growth will continue in the upcoming year. John Kagia, head of market policy at OCM, is optimistic that the industry could generate $2 billion by 2025.

“Although it is still a bit early to predict exactly when the second billion dollars will arrive, I am confident in stating that we will reach that second billion-dollar sometime in 2025,” Kagia stated.
The OCM website has the complete 2024 cannabis study available for reading.