BINGHAMTON (WBNG) — The New York State Office of Cannabis Management is rounding out its second year managing legal marijuana operations in New York. It released a report Tuesday about the staggering success of the industry.
Legal recreational cannabis is a booming market across the state, with statewide revenue over the past two years reaching $918.7 million.
According to the Office of Cannabis Management, across New York State 261 licensed adult-use cannabis dispensaries are now open for business.
Executive Deputy Director of Market Policy John Kagia told 12 News that more than 1,000 licenses have been awarded.
“That’s on top of the nearly 500 licenses that were issued in the two years preceding,” said Kagia.
Dispensaries across the state have seen a multitude of successes, with many averaging $1 million in sales. That’s according to the CEO of Sacred Bloom Todd Hartman.
“It’s looking like the average per dispensary is about half a million per month,” said Hartman.
Along with having high sales throughout the first two years, the boom of legal cannabis retail shops has helped shut down illicit operations across the state. Hartman said this was a major issue in the Greater Binghamton area.
Hartman told 12 News that legal dispensaries like his have their products thoroughly tested to ensure it’s safe for consumers. Hartman said they also strive to provide a wide range of products that suit their customers’ wants and desires at a price that’s right for them.
Hartman said these factors have helped slow business for illicit shops where products may not be tested for their safety and the prices are “ripping off” costumers.
The Office of Cannabis Management also played a large role in the closing of illicit shops across the state with their Cannabis Enforcement Task Force.
“We’ve padlocked well over a thousand stores since this initiative went into full steam in May,” said Kagia.
During Tuesday’s New York State Cannabis Control Board meeting, another 68 licenses were issued to cannabis distributors, processors, retail dispensaries and cultivators across New York State.
Copyright 2024 WBNG. All rights reserved.
The legal cannabis industry has become a near billion-dollar market in just the past 2 years Read More
