The New York State Cannabis Control Authority has generated more than $1 billion in total revenue since the recreational cannabis market opened in 2022, according to its annual report released Thursday.
That money comes from the roughly 300 adult-use cannabis dispensaries currently open across the state. The department said it has issued more than 5,000 licenses, permits and registrations and conducted 1,300 enforcement inspections.
“This milestone is a testament to the resiliency, hard work, and innovation of cannabis entrepreneurs across New York. $1 billion is an incredible number, so it’s a testament to the resilience, hard work, and innovation of cannabis entrepreneurs across New York. Let us celebrate individuals, businesses, and communities,” said Felicia AB. Reed, acting executive director of the Office of Cannabis Control, in a statement. “Certainly, this moment highlights the strength of consumer demand for regulated cannabis. More importantly, a social and economic equity approach to the industry is at odds with strong economic growth. ” New Yorkers have faith in a market that prioritizes stocks, and OCM remains committed to supporting that mission. ”
The agency announced that adult retail sales reached $757.8 million in 2024 alone.
“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 just the beginning of what is possible by investing in an inclusive and well-regulated industry,” Tremaine Wright, chair of the New York Cannabis Control Commission, said in a statement.
In terms of enforcement, the state said it had padlocked 450 businesses and seized 16,900 pounds of illegal goods.
The state’s recreational cannabis industry faces a number of legal hurdles over its implementation, the latest of which came last month when the state Supreme Court in Albany County ordered the state to file a lawsuit against applicants without safe retail space. issued an injunction to prevent the issuance of new cannabis dispensary licenses. Required by state law.
