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The New York State Cannabis Control Board approved 86 adult-use cannabis licenses this month.
Board members reported that 53 percent of those new licenses are held by social and economic equity licensees. In addition, 22 (13%) are women-owned businesses and 18 (10%) are minority-owned businesses.
In total, the state has now issued 841 adult-use cannabis licenses in 2024. As of August, there are 156 dispensaries open for business across New York.
“This year alone, hundreds of new cannabis licenses have been issued and more than 1,000 unlicensed dispensaries have been shut down,” Gov. Kathy Hochul said. “We are witnessing a transformation in the state’s industry, and the progress made over the past several months is helping solidify New York as a national leader on cannabis.”
Office of Cannabis Management say the state’s commitment to shutting down unlicensed cannabis storefronts has led to a 100% increase in legal cannabis sales in downstate areas, like New York City since enforcement began. The crackdown is crucial in ensuring that the legal market thrives and that consumers have access to safer, tested, regulated products, officials said.
More than 500 inspections have been conducted by state officials, resulting in the seizure of more than 6,000 pounds of illicit cannabis products, valued at nearly $30 million. These enforcement actions are part of a broader strategy to eliminate the black market and support the growth of licensed cannabis businesses. As of Aug. 6, 231 illicit stores have been padlocked and 388 Notices of Violation have been issued.
In terms of legal cannabis sales, through mid-July, it surpassed $331 million, bringing the total sales since the market launched to nearly $500 million. Weekly sales revenues surpassed $17 million for the first time in July, underscoring the growing demand for legal cannabis as more stores open and consumer access increases.
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”}]] The New York State Cannabis Control Board approved 86 adult-use cannabis licenses this month. Read More