New York’s Cannabis Industry Sees Significant Growth and Revenue
2024 Annual Report Highlights
The Office of Cannabis Management (OCM) released three reports in 2024, concluding the year’s cannabis industry performance. The reports include the annual report, enforcement report, and chief equity officer report.
Cannabis Use and Revenue
According to OCM data, 52% of adults in New York use marijuana only recreationally, while 34.5% use it for both medical and non-medical purposes. Additionally, 13.5% use marijuana only for medical purposes. The state’s cannabis market saw significant revenue growth, with total sales reaching $1 billion by the end of 2024.
Industry Development and Licensing
By mid-December 2024, the Conditional Adult-Use Retail Dispensary (CAURD) program had issued 218 retail licenses and opened 176 shops. The program prioritized social equity, with 54% of all adult-use cannabis licenses held by SEE licensees. The SEE team worked with applicants and small businesses statewide, reviewing 1,500 equity applications and helping 250 applicants correct paperwork issues.
Enforcement and Compliance
OCM increased enforcement against the black market, conducting 1,300 inspections, shutting down 450 illegal businesses, and seizing 16,900 pounds of unlicensed cannabis. The state also trained almost 800 officers on impaired driving and increased the total number of drug recognition experts statewide to 445.
Community Grants and Substance Use Disorder Programs
Revenues from the cannabis industry helped fund community grants and substance use disorder programs. OCM partnered with community organizations to award $650,000 in grants in the first round and launched its first Community Grants Reinvestment Fund, focusing on youth nonprofits in areas impacted by cannabis prohibition.
Conclusion
New York’s cannabis industry saw significant growth and revenue in 2024, with a focus on social equity and community development. The state’s efforts to prioritize fairness and inclusion have led to a strong cannabis industry that benefits both the state and its residents.
FAQs
Q: What percentage of adults in New York use marijuana only recreationally?
A: 52%
Q: What percentage of adults in New York use marijuana for both medical and non-medical purposes?
A: 34.5%
Q: What percentage of adults in New York use marijuana only for medical purposes?
A: 13.5%
Q: What is the total revenue generated by the cannabis industry in New York by the end of 2024?
A: $1 billion
Q: What percentage of all adult-use cannabis licenses in New York are held by SEE licensees?
A: 54%
Q: What is the total number of drug recognition experts in New York statewide?
A: 445
