NY cannabis industry hits $1 billion in retail sales

ALBANY, N.Y. (NEWS10) — Governor Kathy Hochul announced that New York’s cannabis industry hit $1 billion in retail sales on Tuesday. The milestone comes almost three years after cannabis was first legalized in the state and months after an overhaul of the Office of Cannabis Management (OCM).

“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,” Hochul said.

Officials underscore this year’s new efforts to crack down on the illicit cannabis market, including the launch of the Cannabis Enforcement Task Force in May, and promoting social and economic equity. OCM said more than half of all adult-use licenses have been given to Social and Economic Equity applicants, with significant participation by minority- and women-owned businesses.

“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,” said Tremaine Wright, chairwoman of the Cannabis Control Board. She emphasized that the tax revenue from the growing industry goes towards investing in communities disproportionally affected by cannabis prohibition. “This is only the beginning of what’s possible when we invest in an inclusive and well-regulated industry.”

In early December, OCM released its 2024 report, additionally touting growth in the state’s cannabis consumption, improvements in licensing and expansion of the Medical Cannabis Program. Office of Cannabis Management acting director, Felicia A.B. Reid, said that the $1 billion milestone reflects the entire year’s progress.

“This milestone is a testament to the resilience, hard work, and innovation of cannabis entrepreneurs across New York,” she said. “Certainly, this moment underscores the strength of consumer demand for regulated cannabis.”

Looking ahead to next year, OCM remains optimistic about continued growth. OCM’s director of market policy, John Kagia, has high hopes that the industry will see $2 billion in 2025.

“Still a little bit too early yet to forecast precisely when the second billion will come through, but I am certainly comfortable with saying that we will hit that second billion dollars sometime in 2025,” Kagia said in an interview with NEWS10.

You can read the full 2024 cannabis report on the OCM website.