Governor Hochul Celebrates New York's $1 Billion Cannabis Industry Milestone
New York's cannabis industry surges beyond $1 billion in retail sales, setting a benchmark in equity and innovation.
Governor Kathy Hochul announced a historic milestone for New York's burgeoning cannabis industry, with retail sales surpassing $1 billion. This landmark achievement underscores the state's commitment to equity-driven growth, innovation, and economic opportunity in the legal cannabis market.
“Today’s milestone reflects more than economic success—it’s a testament to the resilience, hard work, and ingenuity of New Yorkers,” said Governor Hochul. “Our approach ensures public safety while empowering communities and prioritizing equity.”
New York’s cannabis program is designed to foster inclusivity. Over 50% of cannabis licenses have been awarded to Social and Economic Equity applicants, with strong representation from minority- and women-owned businesses. This framework positions New York as a leader in equitable cannabis legalization. Cannabis Control Board Chairwoman Tremaine Wright emphasized, “This milestone proves that equity and economic growth can coexist.”
With 275 licensed dispensaries, 500 supply-side businesses, and over 500 brands in the market, New York’s cannabis industry is flourishing. Product diversity and consumer confidence have spurred growth, with 67% of cannabis users purchasing through legal retail channels.
Office of Cannabis Management (OCM) Acting Executive Director Felicia A.B. Reid highlighted the collaborative efforts behind the achievement: “New York’s legal cannabis market showcases the power of community-driven entrepreneurship and consumer trust.”
The OCM's latest report details the industry’s strides:
Licenses and Revenue: Over 5,250 licenses issued, including 569 Conditional Adult-Use Retail Dispensary Licenses. Tax revenue reached $80.2 million in fiscal year 2023-2024.
Medical Cannabis Growth: Over 100,000 patients are registered, supported by nearly 4,500 certifying providers and advanced lab-tested medical products.
Enforcement and Public Safety: Efforts to combat unlicensed operations led to 1,300 inspections, 450 padlocks on illicit businesses, and seizure of 16,900 pounds of illegal products valued at $68.5 million.
The OCM has launched programs such as the Cannabis Hub and Incubator Program and the Community Reinvestment Program. These initiatives provide training, technical assistance, and grants to historically underserved communities, ensuring reinvestment in neighborhoods impacted by past cannabis prohibition.
Additionally, the OCM Veterans Taskforce and the Governor’s Traffic Safety Committee have prioritized education, training, and safety, including certifying nearly 800 officers in impaired driving enforcement.
With robust growth, inclusive policies, and innovative product offerings, New York's cannabis industry is poised to continue its upward trajectory. Assembly Majority Leader Crystal Peoples-Stokes lauded the progress: “This achievement is a testament to the process and the dedication of our small business supply chain.”
Governor Hochul reaffirmed her administration’s commitment to a safe and equitable cannabis market: “New York’s cannabis industry represents our state’s resilience, creativity, and drive for equity. This is just the beginning.”
As New York leads the nation in equitable cannabis practices, the $1 billion milestone sets a high bar for the industry’s future.