NEW YORK–The state’s fledgling legal cannabis industry is expected to surpass $1 billion in sales by the end of the year, according to the New York State Office of Cannabis Management (OCM).
“We are excited to continue creating a vibrant and profitable market in 2025,” said Felicia A.B. Reid, acting executive director of OCM.
Cannabis in New York State is expected to grow to a $7 billion industry by 2030, according to the state agency.
The Office of Cannabis Management also recently announced the approval of 68 new licenses across the supply chain, including 30 processors and 15 dispensaries, bolstering a total of 500+ supply-side licenses by year-end.
“New York’s cannabis industry is thriving because of the agency’s focus on equity, economic development, and opportunity,” said Reid.
Adult-use licenses have gone to 54 percent social and economic equity applicants, with a strong emphasis on minority and women-owned businesses, according to a statement from OCM One day sales hit a record $29 million on “Green Monday” the day before Thanksgiving.
Locations of active licensees in the Hudson Valley are shown here in an interactive map.
Cannabis Advisory Board Chairman Joseph Belluck believes New Yorkers are not shying away from legal pot. “Sales are only going to increase over the months and years ahead if we make the right choices in growing the industry,” said Belluck.
Following a recent review of statewide market data, the Cannabis Advisory Board recommended issuing approximately 1,600 retail dispensary licenses statewide to meet the growing demand for legal cannabis. The recommendation will be sent to the Cannabis Control Board for final approval.
Until recently, the roll out of the state-approved cannabis licensing program has been met with public criticism and lawsuits.
New York State benefits from legal pot sales in several ways with tax revenues, job creation, social equity, regulation and quality control, reduced burden on the criminal justice system and reduction of the black market.
In June, Governor Hochul announced the statewide seizure of more than $28 million worth of illegal pot.
There is still widespread black-market sales of marijuana, particularly from daily users who do not want to pay state taxes and continue to use their longtime suppliers.
That is coupled with home grown product; the state rules allow a minimal amount of cannabis to be grown at home, but with no means of law enforcement to monitor that, privately grown supplies have grown and are being sold privately.
H/T: midhudsonnews.com
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