Legal marijuana sales in New York are on the brink of hitting the $1 billion mark, signaling strong growth in the state’s cannabis industry.
New York’s cannabis market is expected to achieve this milestone by the end of December, just two years after legal dispensaries first opened their doors. According to the Office of Cannabis Management (OCM), sales stood at $863.9 million last week, a sharp increase from $500 million recorded in August.
“These numbers clearly indicate that New York is open for business,” said John Kagia, OCM’s policy director, in a statement to the New York Post.
John Kagia, OCM’s policy director:
“There’s strong momentum behind the market right now.”
The market’s growth follows a rocky start plagued by legal battles and delays. However, the pace picked up significantly this year as more licensed shops opened and authorities intensified crackdowns on unlicensed sellers.
One notable enforcement action, Operation Padlock, launched in New York City this spring, aimed to shut down illegal dispensaries. Licensed retailers operating before the crackdown reported a 105% increase in sales since the operation began, an OCM survey revealed.
With more dispensaries opening and tighter controls on illegal sales, New York’s cannabis market is set to continue its upward trajectory into 2024.
