New York Legal Cannabis Sales Poised To Reach $1B, Following Crackdown On Illicit Retailers

New York’s legal cannabis market is rapidly gaining momentum, with state officials predicting it could reach $1 billion in sales in its second full year of adult-use cannabis sales. According to Debra Brochard, for Green Market Report, John Kagia, director of policy for the New York Office of Cannabis Management (OCM), shared this optimistic outlook at both the National Cannabis Industry Association’s New York Stakeholder event and the Cannabis Insider Conference in Albany this week.

Sales Climb With Expanding Retail Footprint

Kagia announced that New York has logged $470 million in cannabis sales through the third quarter of 2024 and is currently averaging $21.5 million per week. This number is steadily increasing, by about $1 million every three weeks, setting the state on track for $24 million in weekly sales by year-end. Kagia's bullish outlook stems from New York's expanding cannabis infrastructure, with 200 retail stores now operating and 500 brands in the market. The state is on pace to open 21 additional stores in the next 23 days.

Enforcement Boosts Legal Sales

Kagia pointed to the state's ongoing efforts to improve regulations and enforcement, including a stepped-up push to close unlicensed operators. These enforcement efforts have led to dramatic sales increases, with some legal operators reporting up to a 200% boost in same-store sales. 

OCM Introduces New Tools For Licensees

The OCM is also working on changes to packaging, advertising and the introduction of consumption lounges, which remain under review. The office has also introduced the Legal Cannabis Online Activity Locator (LOCAL), a mapping tool designed to simplify the cannabis licensing process statewide, which will also allow New Yorkers to easily locate the nearest legal dispensary.

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