New York Adding 100 More Cannabis Licenses As Sales Climb From A Small Base
June 18, 2024New York’s adult-use cannabis market is expected to hit $200 million in lifetime sales this month, as the state’s regulatory agency brings in a new director and adds more than 100 licenses statewide. In May, state sales climbed to $46.2 million, adding $4.4 million over April.
The newly released licenses will be a shot in the arm for the sluggish New York market; currently there are roughly 130 retailers across the state. While the new licenses cover more than just retailers, the move will still be a major boost for the industry. Per the data released this month, New Yorkers’ cannabis purchases are mostly in flower at 53%. Edibles are the second major category, accounting for 27% of buys, and vape pens come in at 15% of orders.
Additionally, New York Governor Kathy Hochul has appointed Felicia A. B. Reid as executive deputy director and acting executive director of the state’s Office of Cannabis Management (OCM), replacing the departed Chris Alexander. Reid has a decade of experience in state government, most recently as deputy commissioner of the Office of Children and Family Services.—Shane English
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