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New York’s legal adult-use cannabis market officially surpassed $1bn in annual sales last year, despite regulators ongoing efforts to tackle the flourishing black market.
Regulators have also predicted that the market could top $1.5bn in sales over the coming year.
According to the latest figures from the Office of Cannabis Management (OCM), the state now has nearly 300 stores selling over 500 brands and has issued more than 5250 licences in total.
Over half (54%) of these licences have been awarded to social equity applicants under the Conditional Adult Use Retail Dispensary (CAURD) programme.
This comes despite the programme continuing to cause controversy among business owners. In mid-December, Business of Cannabis reported that a state judge had ruled the OCM should be temporarily barred from processing thousands of pending license applications, including some 340 Conditional Adult Use Retail Dispensary (CAURD) applicants.
It related to a lawsuit filed in May by four companies – Organic Blooms LLC, Niagra Nugget LLC, Blackmark LLC, and Windward Management LLC, which accused the OCM of overstepping its authority by waiving key requirements for early CAURD applicants.
Specifically, the plaintiffs argue that the OCM allowed CAURD applicants to submit applications without securing retail locations and notifying local municipalities, as mandated by the state’s 2021 cannabis law. The court agreed, finding that the OCM’s waiver of these requirements likely violated state law.
According to its annual report, the medical cannabis sector has also grown, with over 100,000 registered patients and nearly 4,500 certifying providers.
The OCM emphasised its increasing efforts to tackle the illicit cannabis market, which has prevented the legal industry from growing since it launched last year.
As such, the OCM conducted over 1,300 enforcement inspections in 2024, seizing nearly 17,000 pounds of illicit products valued at $68.5 million.
Acting Executive Director Felicia A.B. Reid stated: “This milestone reflects the hard work and innovation of cannabis entrepreneurs and underscores the strength of consumer demand for regulated cannabis.”
Cannabis Control Board Chairwoman Tremaine Wright emphasized the importance of maintaining a focus on equity and community impact.
“}]] New York’s legal adult-use cannabis market officially surpassed $1bn in annual sales last year, despite regulators ongoing efforts to tackle the flourishing black market. Read More
