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Gov. Kathy Hochul said last week that New York state’s cannabis industry has reached more than $1 billion in retail sales.
“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,” a news release from Hochul’s office stated.
“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.”
Office of Cannabis Management Acting Executive Director Felicia A.B. Reid said, “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. 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.”
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.”
According to the OCM Annual Report, more than 5,250 licenses, permits and registrations were issued or provisionally approved in state fiscal years 2023-2024 and 2024-2025.
The release also cited enforcement efforts against illegal cannabis sales, saying 1,300 enforcement inspections were conducted, 450 businesses padlocked, 16,900 pounds of illicit products with $68.5 million in street value were seized.
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”}]] Gov. Kathy Hochul said this week that New York state’s cannabis industry has reached more than $1 billion in retail sales. Read More
