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Governor Kathy Hochul lauded entrepreneurs amid New York State’s cannabis industry reaching a historic $1 billion in retail sales in 2024.
New York’s cannabis industry is emerging as a national model for equity, with more than half of all adult-use licenses awarded to Social and Economic Equity applicants, including by minority- and women-owned businesses, the governor said through a press release.
The milestone coincides with significant growth in cannabis consumption across the state. Over the past decade, annual adult cannabis use has increased by 30%, with 19% of New Yorkers now reporting usage, while monthly use has risen by 43% to 12%. Additionally, 67% of cannabis consumers in the past year reported purchasing from licensed retailers, demonstrating increasing trust in the state’s regulated market.
Hochul attributed the surge in sales to the state’s efforts to shutting down illegal cannabis traders, which resulted 16,900 pounds of illicit products seized, 450 businesses shutdown and confiscation of illicit products with a street value of $68.5 million.
“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,” said Hochul. “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.”
The state issued more than 5,250 licenses, permits and registrations, 292 adult-use processor licenses and 569 conditional adult-use retail dispensary licenses.
Office of Cannabis Management Acting Executive Director Felicia A.B. Reid added that the milestone was a concerted effort by businesses and consumers.
“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,” she said.
”}]] Efforts to prioritize equity and shut down illegal traders bolstered consumer trust in the regulated cannabis market. Read More
