New York’s Cannabis Industry Reaches $1 Billion in Retail Sales, Governor Says
Governor Kathy Hochul Announces Milestone
ALBANY, N.Y. (NEWS10) — Governor Kathy Hochul announced that New York’s cannabis industry hit $1 billion in retail sales on Tuesday. The milestone comes almost three years after cannabis was first legalized in the state and months after an overhaul of the Office of Cannabis Management (OCM).
Governor’s Statement
"Today, we recognize the $1 billion milestone as more than just a number — it’s a testament to the hard work of those who helped build the strongest cannabis industry in the nation: one that prioritizes equity, ensures public safety, and empowers communities," Hochul said.
Efforts to Crack Down on Illicit Market
Officials underscore this year’s new efforts to crack down on the illicit cannabis market, including the launch of the Cannabis Enforcement Task Force in May, and promoting social and economic equity. OCM said more than half of all adult-use licenses have been given to Social and Economic Equity applicants, with significant participation by minority- and women-owned businesses.
Chairwoman’s View
"New York’s cannabis industry was designed with a focus on equity and opportunity, and today’s achievement is proof that our approach is working," said Tremaine Wright, chairwoman of the Cannabis Control Board. She emphasized that the tax revenue from the growing industry goes towards investing in communities disproportionately affected by cannabis prohibition. "This is only the beginning of what’s possible when we invest in an inclusive and well-regulated industry."
OCM Report
In early December, OCM released its 2024 report, touting growth in the state’s cannabis consumption, improvements in licensing, and expansion of the Medical Cannabis Program. Office of Cannabis Management acting director, Felicia A.B. Reid, said that the $1 billion milestone reflects the entire year’s progress. "This milestone is a testament to the resilience, hard work, and innovation of cannabis entrepreneurs across New York. Certainly, this moment underscores the strength of consumer demand for regulated cannabis."
Looking Ahead to 2025
OCM remains optimistic about continued growth, with OCM’s director of market policy, John Kagia, predicting that the industry will see $2 billion in 2025. "Still a little bit too early yet to forecast precisely when the second billion will come through, but I am certainly comfortable with saying that we will hit that second billion dollars sometime in 2025," Kagia said in an interview with NEWS10.
Conclusion
New York’s cannabis industry has reached a significant milestone, with $1 billion in retail sales and a vision for continued growth in the years to come. The focus on equity, public safety, and community empowerment has been a key factor in the industry’s success, and OCM is committed to building on this momentum.
FAQs
Q: What is the current state of the cannabis industry in New York?
A: The cannabis industry in New York has reached $1 billion in retail sales, with a focus on equity, public safety, and community empowerment.
Q: What is the forecast for 2025?
A: OCM predicts that the industry will see $2 billion in 2025, with continued growth and expansion.
Q: What is the Office of Cannabis Management’s (OCM) role in the industry?
A: OCM is responsible for regulating and overseeing the cannabis industry in New York, with a focus on equity, public safety, and community empowerment.
