New York State is on track to surpass $1 billion in marijuana sales by the end of the year, according to officials from the New York Cannabis Control Board (CCB). To celebrate this milestone, regulators are urging adults to “give the gift of community” by buying cannabis locally this holiday season.
The CCB approved additional licensees, bringing the total number of licensed cannabis businesses to 261 in 2024. Sales have also seen a significant spike, reaching around $919 million to date. This growth is attributed to more licensed businesses opening and a successful crackdown on unlicensed shops.
New York Governor Kathy Hochul has praised the state’s “smokin’ hot” marijuana market, with sales reaching the half-billion-dollar mark in August. She has also emphasized the importance of stepped-up enforcement actions against illicit marijuana shops, which she believes has led to a significant increase in legal sales at licensed retailers.
Regulators are reiterating their call for cannabis consumers to buy local, as they did last year. CCB Chair Tremaine Wright encouraged consumers to “give the gift of community support” by shopping at local licensed dispensaries. This not only ensures product safety and quality but also uplifts entrepreneurs and strengthens local economies.
The state’s marijuana market has seen significant growth since its launch in late 2022, despite a slow start marked by lawsuits and delays. Officials have implemented various initiatives to promote environmental sustainability, set energy use standards, and encourage social sustainability within the industry.
Additionally, the state has approved rules allowing adults 21 and older to grow their own cannabis plants for personal use and introduced a bill to legalize psilocybin for adults. The state is also preparing to deploy up to $5 million in grants funded by marijuana tax revenue to reinvest in areas disproportionately impacted by the war on drugs.
Despite the progress, some advocates have criticized the administration’s handling of the industry, citing concerns over a “corporate takeover” and the ousting of Chris Alexander as executive director of the Office of Cannabis Management.
