Herb Report: Report Details New York’s Thriving Adult-Use Cannabis Market
Highlighting New York’s milestones and economic impact within the billion-dollar market.
Words by FP Team
WEEKENDERS CANNABIS
New York's cannabis industry has seen significant growth in the past two years since the launch of adult-use sales. The recent Marijuana Regulation and Taxation Act (MRTA) Implementation Report from New York’s Office of Cannabis Management (OCM) provides insights into the industry's progress. The report highlights key milestones, including the economic impact, licensing, enforcement efforts against unlicensed operators, and other important metrics in this potential billion-dollar market.
The report reveals that 1,342 adult-use cannabis licenses have been issued, with over 55% going to Social and Economic Equity (SEE)-eligible applicants, surpassing the MRTA’s 50% target. Currently, there are 208 operational recreational retailers in the state, though this falls short of the initial projections. Challenges such as funding issues, licensing delays due to litigation, municipal opt-outs, a thriving illicit market, and difficulties in securing real estate have contributed to a rocky rollout of the adult-use marijuana program. Despite these challenges, 205 conditional adult-use cultivation and processing licenses have been issued.
The report also provides interesting findings, such as recreational stores generating $653.9 million in revenue in 2023. Additionally, it's noted that 67% of New Yorkers who consumed cannabis in the past year purchased from licensed retailers. Enforcement efforts have led to the seizure of over 27,300 pounds of unlicensed marijuana products, with 345 enforcement inspections resulting in the closure of non-compliant stores.
cannabis.ny.gov
FP Team covers cannabis, fashion, lifestyle, and design in New York. More about Frasspot
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