New York And Illinois Cannabis Sales On The Rise As Markets Mature
October 15, 2024Regulators in New York and Illinois have released new reports highlighting marked growth in their regulated cannabis markets over the last year. Illinois, the more well-established of the two states, saw $2 billion in cannabis sales for fiscal year 2024. In New York, the Office of Cannabis Management (OCM) reports that the state is on track to reach $1 billion in sales for calendar 2024, a huge jump over 2023’s total of $654 million. New York sales neared $700 million in the year-to-date through early October.
While New York is still recovering from a slow retail rollout that resulted in a large black market, the OCM revealed that 67% of surveyed cannabis consumers in the state made purchases at licensed dispensaries and that more than 13 tons of illicit cannabis have been seized this year. In all, there are now 210 recreational dispensaries open in New York—including 90 in New York City, four on Long Island, and 116 upstate—with 55% of the 1,342 cannabis licenses going to Social and Economic Equity applicants. Among the multistate players on the move in the Empire State’s adult-use market are Green Thumb and Curaleaf.
Weekly sales in New York have grown at $10 million a week since this spring, when enforcement against unlicensed sellers heated up. In the coming months, law enforcement and government officials plan to continue to crack down on unlicensed dispensaries, creating further upside for the state’s licensed retailers. According to the latest report from the OCM, over 1,000 notices of violation have been issued with nearly 350 illegal retailers padlocked.
Meanwhile, it’s been a banner year for cannabis in Illinois. More than 80 new dispensaries have opened this year, the largest single-year total since Illinois began licensing. “The Illinois market continues to grow primarily driven by in-state residents taking advantage of greater accessibility, lower prices, and increasing their regular consumption of cannabis,” Cresco Labs chief communications officer Jason Erkes recently told SND. In addition to Cresco, fellow multistate operators Green Thumb and Verano are also based in Illinois.
The state said this year has been particularly successful for the its social equity program, with the state reaching 100 social equity retail licenses. Looking ahead, regulators in Illinois are planning to beef up inspections for licensed facilities, and state officials are also working on new regulations for hemp-derived THC, although initial proposals were stalled in the General Assembly.—Shane English
Subscribe to Shanken News Daily’s Email Newsletter, delivered to your inbox each morning. You will also receive the Cannabis edition as part of your subscription.Tagged : cannabis
