New York, New Jersey Cannabis Markets Reach New Milestones
January 7, 2025New York’s and New Jersey’s cannabis markets both attained new milestones in 2024, with New York state reaching $1 billion in lifetime sales and New Jersey generating $1 billion in cannabis sales for calendar 2024. In New York, it was a year of rapid expansion for legal cannabis retail licenses and a crackdown on the black market. For New Jersey, $1 billion in annual sales brings the state’s total tally since 2022 to $2 billion overall.
Cannabis retailers in New Jersey cracked $1 billion on December 21, with 190 dispensaries in operation across the Garden State amid steady growth in consumer demand. Last year’s cannabis sales grew robustly, rising 25% over 2023’s $800 million in sales. Cannabis Regulatory Commission acting executive director Christopher Riggs said the progress “highlights the growing trust consumers have in New Jersey’s regulated cannabis market and the economic opportunities it provides for businesses of all sizes and classes. This momentum sets a solid foundation for continued success in the years ahead.”
The state set sales records on 4/20 and Green Wednesday (the day before Thanksgiving), with the latter the strongest sales day of the year. That day, sales exceeded $6 million, edging just ahead of 4/20’s $5.8 million in sales.
In the Empire State, 2024 was a course correction, with the state beginning to meet consumer demand for legal cannabis after the adult-use market’s sluggish start. “Earlier this year, my administration took critical steps to promote progress and economic opportunity within New York’s budding cannabis industry, including signing new enforcement powers into law that expedited the closure of unlicensed storefronts and, as a result, bolstered our legal market,” said Governor Kathy Hochul.
New York ended the year with nearly 270 licensed dispensaries in operation, with roughly 1,000 new retail licenses (including conditional and regular licenses) issued during the year. More than half of all adult-use licenses have been awarded to Social and Economic Equity applicants.
While New York didn’t crack $1 billion in 2024 sales, the state is on track to reach that milestone in the near future, with retail sales, as of November 30, at roughly $750 million. For fiscal 2023-2024 the state generated $80.2 million in tax, fee, and fine revenues from cannabis and, so far in fiscal 2024-2025, it has generated $67 million from the same sources.
Encouragingly, 67% of New York consumers who used cannabis over the past year reported purchasing from legal retail sources. And the audience for cannabis continues to grow. According to the state, 19% of New Yorkers reported annual use (+30% over the past 10 years) and 12% reported monthly use (+43%).—Shane English
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