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New York State's cannabis industry has reached a significant milestone, surpassing $1 billion in retail sales. Governor Kathy Hochul announced this achievement, highlighting the industry's robust growth and consumer confidence. The state has issued over five thousand licenses, permits, and registrations, with more than 275 licensed dispensaries operating statewide.
A key feature of New York's cannabis strategy is its focus on social and economic equity. More than half of the licenses have been awarded to social and economic equity applicants, with a strong representation of minority and women-owned businesses. This approach aims to empower communities and foster economic growth.
The Office of Cannabis Management (OCM) has played a pivotal role in the industry's success. Acting Executive Director Felicia A.B. Reid emphasized the industry's resilience and innovation, noting that the milestone underscores the strength of consumer demand for regulated cannabis.
The state's efforts to ensure a safe and fair marketplace include collaboration with local municipalities to close unlicensed stores, resulting in the seizure of over 16,000 pounds of unsafe cannabis products. This strategy aims to support small businesses and entrepreneurs across New York.
Looking ahead, the cannabis industry in New York is expected to grow to a $7 billion market by 2030. The Cannabis Advisory Board has recommended issuing approximately 1,600 retail dispensary licenses statewide to meet the increasing demand for legal cannabis.