NYS Governor Kathy Hochul celebrated New Year’s Eve with the news the state’s legal cannabis industry had achieved more than $1 billion in retail sales.
“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,” said the Governor.
While the claim of “strongest” may be debated by some given the challenges the industry has faced in the state, it has been good news for government coffers. There’s a state tax of 9%, a local tax of 4% and wholesale excise tax of 9%.
Some of that revenue goes towards the Office of Cannabis Management (OCM) and other state/local partners overseeing the cannabis industry. But a substantial chunk also goes towards education, community grants, and development of public health, education, substance abuse and prevention campaigns.
According to the governor’s release, more than 5,250 business licenses, permits, and registrations have been issued or provisionally approved to date in State Fiscal Years 2023-2024 and 2024-2025. There are 269 adult-use retail dispensaries open for business.
But what’s been happening on the medical front?
The release indicates more than 100,000 patients are registered with New York State’s Medical Cannabis Program and there are close to 8,500 registered caregivers. There are 21 medical-only dispensaries, and 11 medical and adult-use co-located dispensaries.
On the enforcement side of things, 1,300 inspections have been conducted, which has resulted in 450 businesses padlocked and 16,900 pounds of illicit products seized.
“The OCM has enhanced its capacity to tackle unlicensed operators while fostering strong relationships that benefit both the industry and New York communities as cannabis in the market continues to grow,” says the release.
According to Office of Cannabis Management Acting Executive Director Felicia A.B. Reid, 67 percent of New York State consumers who used cannabis in the past year reported purchasing from legal retail sources.
More facts and figures related to the OCM’s activities last year can be found in the agency’s 2024 Annual Report.
NYS Governor Kathy Hochul celebrated New Year’s with news the state’s legal cannabis industry achieved more than $1 billion in retail sales. Read More
