New York reaches $1 billion mark in recreational cannabis sales
Total recreational cannabis sales in New York have eclipsed the $1 billion milestone since the adult-use market launched in 2022.
That’s according to a New Year’s Eve announcement from Gov. Kathy Hochul’s office.
Adult-use marijuana retailers in New York sold about $758 million worth of products in the first 11 months of 2024, putting the state in range of a regulator’s September projection.
“I think $1 billion is a reachable goal for this year,” John Kagia, the state Office of Cannabis Management’s deputy director of policy, told MJBizDaily in an interview at the time.
In August, monthly adult-use sales in New York surpassed $20 million for the first time, fueling expectations the market could exceed $1 billion in annual revenue in 2024 after a rocky rollout dominated headlines in 2023 and much of 2024.
Sales stalled amid widespread halts in issuing licenses because of legal challenges, securing real estate, municipal opt-outs and a thriving unlicensed market.
Despite those headwinds and others, the New York market finally is gaining traction as more stores open and additional licenses are issued.
The state’s adult-use market opened in December 2022 with one retailer.
According to the governor’s office, 269 adult-use retailers are operational, a 572.5% increase from the 40 stores opened at the start of 2024, according to MJBizDaily research.
“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,” Hochul said in a statement.
The governor also highlighted the state’s enforcement efforts in the past year to rein in illicit operators.
According to state data, law enforcement and cannabis regulators:
- Conducted more than 1,300 business inspections.
- Padlocked 450 businesses deemed to be noncompliant.
- Seized 16,900 pounds of illegal marijuana products.
