,

New York’s Marijuana Revenue Hits Record High, Expected to Reach $374 Million by 2029

New York State’s Marijuana Revenue Reaches New High

New York’s legal marijuana industry has experienced a significant surge in revenue, with the state expecting to generate $161.8 million in tax revenues for the fiscal year ending March 31. This marks a fourfold increase from the $43.3 million generated in the previous year.

The revenue growth is attributed to the expansion of the legal market, with the number of licensed cannabis dispensaries increasing from 41 to 295. The state’s cannabis regulators and industry merchants will celebrate this milestone at the state Capitol Building on Tuesday.

The revenue will be allocated, with 40% going towards education funding across the state and another 40% towards a community reinvestment program. The program will provide grants to neighborhoods most impacted by cannabis prohibition.

Governor Kathy Hochul’s budget also projects generating $248 million in revenue from the state-licensed cannabis industry for the next fiscal year, starting April 1, 2026. The state’s revenue from legal cannabis taxes is expected to continue growing, reaching $339 million in FY 2027, $363 million in 2028, and $374 million by 2029.

The growth in the legal cannabis industry has been attributed to the state’s efforts to crack down on illegal cannabis shops and provide support to licensed entrepreneurs. Governor Hochul has been a strong advocate for the industry, stating that the success of the legal market is “extraordinary” and that she is confident it will continue to grow.

The industry’s growth has also led to an increase in job opportunities, with the state’s cannabis industry surpassing $1 billion in sales. A recent study suggests that the state could support 1,000 new pot stores, further solidifying its position as a leader in the legal cannabis market.