New Report Highlights Progress Of NY State Cannabis Industry Since Legalization

ALBANY, NY – A new report highlights the progress of New York’s cannabis industry since the state’s legal market began three years ago, according to Cannabis Science Tech.

The 102-page “Marihuana Regulation and Taxation Act (MRTA) Implementation Report” was released by the New York State Office of Cannabis Management Releases.

It focused on what it called the achievements made in building various parts of the state’s legal cannabis industry, which encompasses adult-use cannabis, medical cannabis, and cannabinoid hemp industries.

It showed that more than 1,300 adult-use cannabis licenses have been issued, over 200 retail dispensaries have opened, and 67% of New York cannabis users purchased the drug from legal retailers, adding that the market has seen significant growth since legalization in 2021.

“Reported monthly retail sales have surged from $2.2 million in January 2023 to a peak of $97.4 million in August 2024, leading to a total of $653.9 million in sales since the market’s launch through mid-September 2024,” the report states.

The report also shows that 54.7% of adult-use licenses have been awarded to “social and economic equity-eligible” applicants, surpassing the MRTA’s target of 50% within this demographic.

“Since day one, our focus has always been on creating a fair and inclusive cannabis industry that repairs and restores the harms of the past while building opportunities for the future,” Tremaine Wright, chairperson of the NYS Cannabis Control Board, said. “This Implementation Report reflects our commitment to equity and transparency, and I’m proud of the progress we’ve made over the past three years to lay a strong foundation for New York’s cannabis market.”

Officials said the report is meant to analyze progress  toward the legislative intent of the MRTA – including economic and fiscal impacts of the industry, impact on public health and safety, social and economic equity goals, eliminating the illicit market, and increasing sustainability – and recommendations for achieving those goals.

“In this Implementation Report, you will learn more about OCM’s vision, one that applies now and carries into the future,” stated Felicia A. B. Reid, Esq., OCM Executive Deputy Director and Acting Executive Director, in a letter included in the Report. “Rooted in equity and a commitment to restorative justice, OCM is actively shaping the next chapter of the market’s potential each day.”

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