As New York regulators anticipate surpassing $1 billion in marijuana sales since the market launched in late 2022, they’re encouraging adults to give the “gift of community” by buying cannabis locally this holiday season.
At a meeting of the New York Cannabis Control Board (CCB) on Tuesday, members marked various accomplishments during the state’s second full year of legal marijuana sales, while also approving additional licensees as the market continues to expand.
Felicia Reed, acting executive director of the Office of Cannabis Management (OCM), presented the agency’s year in review report, which showed the number of licensed cannabis businesses growing to 261 in 2024. With that, sales have also spiked, reaching about $919 million to date.
“That means a quadrupling of tax revenue, a portion of which goes right back into community reinvestment,” Reed said.
John Kagia, director of policy at OCM, said that, based on the estimates for what we’re looking to do through the end of the year, we will comfortably break that billion dollar mark for the first time before the end of the year.”
“That’s a billion dollars worth of legal retail cannabis sold to adults in New York State. It’s a billion dollars of cannabis
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