New York officials have announced that the state\u2019s legal marijuana market has now surpassed the $1 billion sales mark. Gov. Kathy Hochul (D) called the milestone \u201ca testament to the hard work of those who helped build the strongest cannabis industry in the nation: one that prioritizes equity, ensures public safety, and empowers communities.\u201d<\/p>\n
A representative for the Office of Cannabis Management (OCM) told Marijuana Moment in an email on Tuesday that the agency \u201ccan confirm that with the stores reporting sales data through 12\/28, we are officially at $1.05 billion.\u201d The figure reflects total sales since the cannabis market\u2019s launch more than two years ago, in late 2022<\/a>.<\/p>\n A later press release from the governor\u2019s office said the achievement \u201creflects the of entrepreneurs, consumers, and communities who have embraced the legal market and helped to establish New York as a national leader in cannabis equity and innovation.\u201d<\/p>\n Felicia A.B. Reid, OCM\u2019s acting executive director, called $1 billion \u201can incredible number.\u201d<\/p>\n \u201cCertainly, this moment underscores the strength of consumer demand for regulated cannabis\u2014more importantly, it firmly demonstrates that a social and economic equity approach to industry is not antithetical to strong economic growth,\u201d Reid said. \u201cNew Yorkers have placed their trust in a market that prioritizes equity\u2014and OCM remains committed to supporting that mission.\u201d<\/p>\n Regulators said that so far more than half of all adult-use cannabis business licenses have been awarded to social and economic equity applicants, \u201cwith significant representation from minority- and women-owned businesses.\u201d<\/p>\n \u201cNew York\u2019s cannabis industry was designed with a focus on equity and opportunity, and today\u2019s achievement is proof that our approach is working,\u201d Cannabis Control Board Chairwoman Tremaine Wright said. \u201cBy prioritizing Social and Economic Equity applicants, we\u2019re creating a market that uplifts communities and fosters meaningful economic impact across the state.<\/p>\n \u201cThe tax revenue generated by this thriving industry directly supports our Community Reinvestment Grant Program, ensuring that communities disproportionately impacted by cannabis prohibition receive critical investments,\u201d Wright added. \u201cThis is only the beginning of what\u2019s possible when we invest in an inclusive and well-regulated industry.\u201d<\/p>\n Cannabis consumption has also grown significantly in New York over the past decade, OCM reported, \u201cwith 19 percent of New Yorkers reporting annual use (+30 percent) and 12 percent reporting monthly use (+43 percent). Additionally, 67 percent of consumers who used cannabis in the past year reported purchasing from legal retail sources, reflecting growing confidence in the regulated market.\u201d<\/p>\n OCM officials predicted ahead of the holidays that they\u2019d hit the $1 billion marijuana sales figure by the end of the year<\/a>, and they encouraged adults to give the \u201cgift of community\u201d by buying cannabis locally.<\/p>\n John Kagia, director of policy at OCM, said at a December 10 meeting that, \u201cbased on the estimates for what we\u2019re looking to do through the end of the year, we will comfortably break that billion dollar mark for the first time<\/a>\u00a0before the end of the year.\u201d<\/p>\n \u201cThat\u2019s a billion dollars worth of legal retail cannabis sold to adults in New York State. It\u2019s a billion dollars of cannabis that is not being sold in the unregulated market,\u201d he said. \u201cAnd you know, at roughly 10 percent of taxes going into state coffers and state programs, it\u2019s $100 million of revenue being generated to fund mission critical programs for the state. This is just the beginning\u2014but what a start.\u201d<\/p>\n After a\u00a0slow rollout in marked by lawsuits and other delays<\/a>, legal marijuana sales in New York have picked up significantly in the past several months<\/a>. Regulators say that\u2019s the result of more licensed businesses opening as well as what they describe as a successful crackdown on unlicensed shops.<\/p>\n \u201cEarlier this year, my administration took critical steps to promote progress and economic opportunity within New York\u2019s budding cannabis industry,\u201d Hochul said in Tuesday\u2019s press release, \u201cincluding signing new enforcement powers into law that expedited the closure of unlicensed storefronts and, as a result, bolstered our legal market.\u201d<\/p>\n \u201cToday, we recognize the $1 billion milestone as more than just a number\u2014it\u2019s a testament to the hard work of those who helped build the strongest cannabis industry in the nation: one that prioritizes equity, ensures public safety, and empowers communities,\u201d the governor said.<\/p>\n This spring, officials in New York City launched Operation Padlock, an enforcement initiative meant to shutter illegal storefronts. Since then, licensed shops that were open before the operation began have since seen sales climb 105 percent, according to an OCM survey.<\/p>\n In the new press release<\/a> about the $1 billion sales milestone, State Assembly Majority Leader Crystal Peoples-Stokes said: \u201cAs the Buffalo Bill\u2019s coach says, \u2018Trust the process.\u2019 Things will continue to improve and be refined, but New York State\u2019s Office of Cannabis Management (OCM) has established a solid foundation towards the success of its infant cannabis industry.\u201d<\/p>\n Just last month, Peoples-Stokes called for the state to extend financial aid to retail operators operators struggling under high-cost loans from a social equity fund<\/a> created as a core part of the legalization program.<\/p>\n Later in the month, Hochul signed two new cannabis-related bills into law<\/a>\u2014one to revive the Cannabis Growers Showcase program, where producers sell products directly to consumers at farmers market-style events<\/a>, and another clarifying that cannabis is categorized as an agricultural crop in the state.<\/p>\n The governor argued in June, meanwhile, that there\u2019s a direct correlation between stepped-up enforcement and \u201cdramatically\u201d increased legal sales<\/a>. A report by state officials earlier this year\u00a0found both \u201cgrowing pains\u201d and \u201csuccessful efforts\u201d in New York\u2019s marijuana market launch<\/a>.<\/p>\n In August, the governor lauded what she called the state\u2019s \u201csmokin\u2019 hot\u201d marijuana market<\/a>, as the retailers in state passed the half-billion-dollar mark in legal sales since the market\u2019s launch.<\/p>\n The governor also said in June that the state\u2019s escalated enforcement actions against illicit marijuana shops is\u00a0resulting in a significant increase in legal sales at licensed retailers<\/a>.<\/p>\n She made the comments amid criticism from equity-focused activists over what they see as a \u201ccorporate takeover\u201d of the cannabis market, citing reporting about the administration dismissing\u00a0concerns from state officials about a \u201cpredatory\u201d private equity loan deal<\/a>\u00a0the state approved to provide funding for startup cannabis retailers.<\/p>\n Certain advocates say Hochul has \u201cfalsely\u201d blamed the legalization law itself for the state\u2019s troubles with the illicit market, without taking responsibility for the administration\u2019s role. To that end, there has been\u00a0criticism of the governor\u2019s ousting of Chris Alexander as executive director<\/a>\u00a0of OCM earlier this year.<\/p>\n In an attempt to rein in unlicensed sales, the governor in February\u00a0called on big tech companies such as Google and Meta<\/a>\u00a0to \u201cdo the right thing\u201d by taking steps to stop promoting illicit marijuana shops, which have proliferated across the state.<\/p>\n Meanwhile, New York officials this summer\u00a0rolled out a broad plan to encourage environmental sustainability<\/a>\u00a0and set energy use standards within the state\u2019s legal marijuana industry. It\u2019s part of regulators\u2019 broader goal of promoting economic, environmental and social sustainability in the emerging sector.<\/p>\n In June, state regulators also formally approved rules to\u00a0allow adults 21 and older to grow their own cannabis plants<\/a>\u00a0for personal use.<\/p>\n A top New York lawmaker also\u00a0introduced a bill in June to legalize psilocybin for adults<\/a>, provided they obtain a permit after undergoing a health screening and educational course.<\/p>\n In September, meanwhile, the state announced it\u2019s preparing to deploy up to $5 million in grants funded by marijuana tax revenue as part of an\u00a0effort to reinvest in areas disproportionately impacted by the the war on drugs<\/a>. OCM said the awards aim \u201cto redress a wide range of community needs\u2014from housing to childcare to job skills training and many areas in between.\u201d<\/p>\n Meanwhile,\u00a0a group of 18 organizations recently wrote to New York\u2019s governor<\/a>\u00a0to express dismay at what they described as marijuana regulators\u2019 \u201cefforts in service of big corporations at the expense of small business and equity outcomes\u201d during the latter half of this year.<\/p>\n Young Adults Are Three Times More Likely To Use Marijuana On A Near-Daily Basis Than Alcohol, Federally Funded Study Finds<\/a><\/p>\n<\/blockquote>\n\n The post New York Retailers Have Now Officially Sold $1 Billion Worth Of Legal Marijuana, Governor Announces<\/a> appeared first on Marijuana Moment<\/a>.<\/p>\n
New York officials have announced that the state\u2019s legal marijuana market has now surpassed the $1 billion sales mark. Gov. Kathy Hochul (D) called the milestone \u201ca testament to the hard work of those who helped build the strongest cannabis industry in the nation: one that prioritizes equity, ensures publicContinue Reading<\/a><\/span><\/p>\n","protected":false},"author":24,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[1335,18],"tags":[],"_links":{"self":[{"href":"https:\/\/cannabiscultivatornews.com\/home\/index.php\/wp-json\/wp\/v2\/posts\/79561"}],"collection":[{"href":"https:\/\/cannabiscultivatornews.com\/home\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cannabiscultivatornews.com\/home\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cannabiscultivatornews.com\/home\/index.php\/wp-json\/wp\/v2\/users\/24"}],"replies":[{"embeddable":true,"href":"https:\/\/cannabiscultivatornews.com\/home\/index.php\/wp-json\/wp\/v2\/comments?post=79561"}],"version-history":[{"count":1,"href":"https:\/\/cannabiscultivatornews.com\/home\/index.php\/wp-json\/wp\/v2\/posts\/79561\/revisions"}],"predecessor-version":[{"id":79562,"href":"https:\/\/cannabiscultivatornews.com\/home\/index.php\/wp-json\/wp\/v2\/posts\/79561\/revisions\/79562"}],"wp:attachment":[{"href":"https:\/\/cannabiscultivatornews.com\/home\/index.php\/wp-json\/wp\/v2\/media?parent=79561"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cannabiscultivatornews.com\/home\/index.php\/wp-json\/wp\/v2\/categories?post=79561"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cannabiscultivatornews.com\/home\/index.php\/wp-json\/wp\/v2\/tags?post=79561"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}\n
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\nRead More: New York Retailers Have Now Officially Sold Billion Worth Of Legal Marijuana, Governor Announces<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"