New York Cannabis Sales Could Double in 2025
sales could double, with over $1.5 billion estimated for 2025
With the market expanding, new stores opening and cracking down on unlicensed sellers, Felicia Reid, director of the Office of Cannabis Management (OCM), said: "Sales in 2025 could exceed $1.5 billion." The office is still refining its projections for next year. "Entrepreneurs are quickly adapting to consumer tastes, a key factor in the growth of the market," Reid added.
John Kagia, OCM’s policy director, expects more than 350 dispensaries to open by 2025.
The adult-use market has launched by the end of 2022, and New York recently hit $1 billion in legal sales. “This achievement reflects the hard work and innovation of local entrepreneurs,” Reid said.
What is Driving the Growth?
The sales surge has been fueled by the opening of new licensed stores and a successful crackdown on illegal operations, as demonstrated by Operation Padlock. Since its launch, licensed store sales have increased 105%, according to an OCM survey.
A social equity fund has been created to support struggling operators, accompanied by two new laws: one to revive the Cannabis Growers Showcase program, which allows growers to sell directly to consumers, and another to recognize cannabis as an agricultural crop. This summer, New York launched a plan to promote environmental sustainability and energy efficiency in the industry.
In June, laws were passed allowing adults to grow cannabis for personal use. In September, the state announced up to $5 million in grants to support communities hardest hit by the war on drugs.
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Weed in New York, What You Need to Know
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Liz Filmer
