New York State’s cannabis industry recently hit a huge milestone, surpassing more than $1 billion in retail sales, announced Gov. Kathy Hochul.
“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,” Hochul said. “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.”
Over the past decade, adult use of cannabis in the state has risen significantly. Specifically, about 19 percent of New Yorkers report annual use, which is up 30 percent, while 12 percent report monthly use, up 43 percent.
“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,” Office of Cannabis Management Acting Executive Director Felicia A.B. Reid said. “Let us celebrate the individuals, businesses, and communities in cannabis who drive our state’s economic engine. Certainly, this moment underscores the strength of consumer demand for regulated cannabis—more importantly, it firmly demonstrates that a social and economic equity approach to industry is not antithetical to strong economic growth. New Yorkers have placed their trust in a market that prioritizes equity—and OCM remains committed to supporting that mission.”
Additionally, 67 percent of consumers who used cannabis in the past year reported purchasing from legal retail sources. This reflects the growing confidence in the regulated market.
“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. By prioritizing Social and Economic Equity applicants, we’re creating a market that uplifts communities and fosters meaningful economic impact across the state,” Cannabis Control Board Chairwoman Tremaine Wright said. “The tax revenue generated by this thriving industry directly supports our Community Reinvestment Grant Program, ensuring that communities disproportionately impacted by cannabis prohibition receive critical investments. This is only the beginning of what’s possible when we invest in an inclusive and well-regulated industry.”