New York State’s Office of Cannabis Management expects revenue for legal cannabis sales to reach $800 million this year.
The anticipated total marks a significant increase over state sales in 2023.
The rise in revenue comes amid New York State’s efforts to accelerate the licensing process for legal cannabis while combatting a rampant illicit market.
In September, the New York State Cannabis Control Board approved another 123 adult-use cannabis licenses for cultivators, distributors, processors and retail.
After that batch of approvals, the total number of adult-use dispensary licenses issued in 2024 climbed to 951.
At the same time, a state task force has padlocked 345 illegal operators, issued 596 Notices of Violation, and seized 7,485 pounds of illicit cannabis.
