BUFFALO, N.Y. — New data released by New York State reveals the legal cannabis market has generated a staggering $1.02 billion in total retail sales statewide, with a significant $869 million of that pouring in during 2024 alone.
“The numbers are very doable, as far as revenue that we’ve already generated, and it’s very, it’s very likely accurate,” said Aaron Van Camp, owner of Dank 716, Buffalo’s first licensed cannabis dispensary.
The state’s report further indicates that the strongest retail sales were recorded in densely populated downstate regions, particularly Manhattan, Queens, and Long Island.
While the statewide figures paint a picture of a booming industry, Van Camp cautions that it doesn’t mean sweeping success.
“We got open really cheap and very fast and on our own, but a lot of people planned on getting money from the government,” Van Camp said.
“People are doing very poorly when you see the numbers that are being released out here currently,” Van Camp said. “Like, this is one of the tougher markets, and there’s a lot of stores out here, and things are going really poorly. Where it’s, it’s just not a lottery ticket. You’ve got to put a lot of work in.”
“There’s a significant dip in revenue per store going on,” he warned. “Currently, in certain areas of the state, it’s looking like the stores won’t be profitable very soon if the numbers continue to dip.”
But for Tom Szulist of Appleton, New York, the future holds a different kind of promise.
As a farmer who recently secured a microbusiness license, his outlook on selling cannabis is more optimistic. “Now I can be everything. I can be to them, and not, not be restricted,” Szulist said, highlighting the benefits of vertical integration allowed by the microbusiness license. “It’s an advantage because I’m able to vertically integrate, I’m able to grow as well as process, as well as sell directly to the public.”
Despite this advantage, Szulist acknowledges the challenges, particularly for businesses located near large urban centers. “It’s tough out there,” he said. “There’s only so much demand in a certain area.”
