New York’s legal marijuana market is on track to surpass $1 billion in sales before the end of 2024.
According to data presented at today’s Cannabis Control Board (CCB) meeting, the state currently has 261 licensed marijuana stores, with sales reaching $919 million so far in 2024. This puts New York on track to pass the $1 billion mark before the end of the year.
“We will comfortably break that billion-dollar mark for the first time before the end of the year,” said John Kagia, who serves as director of policy at the Office of Cannabis Management (OCM). “That’s a billion dollars of cannabis sold legally to adults in New York State—cannabis that is no longer being purchased from the unregulated market. It’s also generating approximately $100 million in tax revenue to fund critical state programs. This is just the beginning, but what a start.”
The growth in sales follows a challenging first year marked by lawsuits and regulatory delays. Recent enforcement efforts, such as New York City’s “Operation Padlock,” have aimed to curtail illegal storefronts, with positive results. A survey by OCM found that licensed dispensaries operating before the crackdown experienced a 105% increase in sales.
With more businesses opening and a concerted push to eliminate unlicensed competitors, New York’s legal marijuana market appears poised for continued expansion heading into 2025.
