New York said it now has more than 500 legal cannabis retail stores open across the state as it eclipses $1.4 billion in total reported cannabis sales this year.
The state's Office of Cannabis Management said that equity has been a major part of the continued growth. As of November, 57 percent of all adult-use licenses statewide have been awarded to social equity businesses, and half of this month’s 68 new approvals went to SEE licensees.
SEE licensees represent:
- 38 percent of cultivators
- 45 percent of processors
- 39 percent of distributors
- 58 percent of microbusinesses
- 85 percent of retail dispensaries
The OCM also said that $5 million in Community Reinvestment Grants have been awarded to 50 community-based projects across New York State. Through the program, cannabis tax revenue is being distributed to communities that were most affected by past enforcement, funding initiatives that expand youth mental-health services, strengthen workforce development programs, and advance housing stability for individuals and families in need.
