Retail Sales of Legal Weed in New York Exceed $1 Billion
New York had a particularly difficult time launching its legal pot market. Regulators faced numerous challenges, with illegal storefronts being one of the most serious problems. So serious that a special Illicit Cannabis Enforcement Task Force had to be launched to quickly address more than thousands of illegal vendors all across the state of New York. Thousands of illicit shops were indeed closed over the course of 2024. In the meantime, the Empire State reached its first $1 billion in sales.
Following a year full of obstacles and successes, the New York cannabis industry has plenty of reasons to celebrate. The state regulator approved over 5,250 licenses, permits and registrations, out of which 221 are adult-use licenses, and 272 are adult-use microbusiness permits. A total of 569 conditional licenses have been issued, as well as 448 adult-use retail dispensary licenses. At present, 270 adult-use retail shops are open for business, according to the annual report released by the New York Office of Cannabis Management (OCM).
But if there is one milestone that New York leaders and regulators can perhaps brag about the most, it is clocking in the first billion.
New York Legal Pot Made Over $1 Billion in Retail Since Legalization
Governor Kathy Hochul proudly announced on Jan. 3, 2025, that New York State’s cannabis industry had made history with reaching over $1 billion in retail sales since the start of the legal market.
“This achievement reflects the dedication of entrepreneurs, consumers, and communities who have embraced the legal market and helped to establish New York as a national leader in cannabis equity and innovation,” said a statement from the Governor’s office.
“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.
She added: “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.”
“This milestone is a testament to the resilience, hard work, and innovation of cannabis entrepreneurs across New York. As $1 billion is an incredible number. Let us celebrate the individuals, businesses, and communities in cannabis who drive our state’s economic engine,” also said a statement from Felicia A.B. Reid, the OCM’s Acting Executive Director.
In a separate statement, Reid said that more than half of adult-use cannabis licenses approved by the OCM thus far have been awarded to social and economic equity-eligible applicants, surpassing the Marijuana Regulation and Taxation Act’s goal of 50%.
As per the medical market, 11 medical and adult-use co-located dispensaries are currently open, while another 21 function as medical only, according to OCM reports. More than 100,000 New Yorkers are registered with the state medical cannabis program, which has almost 4,500 registered health care providers.
Also read on Soft Secrets:
S
Stephen Andrews
