New York’s Cannabis Market Projected to Exceed $500 million In 2024
July 23, 2024After a rocky start, New York adult-use sales are surging, with the state’s licensed dispensaries on track to sell over $500 million of cannabis for the year, with upper range estimates exceeding $700 million. The projections are based on sales for the first six months of 2024, when the legal market brought in $260.6 million in sales, roughly $43.4 million each month through June.
With $500 million in sales a relatively safe bet, the state’s ever-expanding adult-use market is likely to exceed that figure. Those sales numbers, provided by the Office of Cannabis Management (OCM), cover a period in which the state had a maximum of 113 stores. Since June, 32 more stores have come online, bringing the total to 145 (including 137 dispensaries and eight delivery-only operations).
The Empire State’s adult-use market continues to accelerate as the OCM issues more licenses and more retailers begin operations. This year, the state has issued 729 licenses: 138 for cultivation, 268 for retail, and 136 to cannabis microbusinesses. The state’s legal market has also benefited from a crackdown on illegal dispensaries, with over 600 shut down since May. Last week, a federal judge in Manhattan ruled that New York can continue to padlock illegal dispensaries, shooting down claims from unlicensed operators that the state was violating their right to due process.—Shane English
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