New York's legal cannabis market is rapidly gaining momentum, with state officials predicting adult-use cannabis sales could reach $1 billion in the second full year. According to Green Market Report's Debra Brochard, New York Office of Cannabis Management (OCM) policy director John Kagia expressed this optimism at both the National Cannabis Industry Association's New York Stakeholder Event and the Cannabis Insider Conference in Albany. He shared his outlook. this week.
Sales increase due to expansion of retail stores
Kagia announced that cannabis sales in New York will reach $470 million by the third quarter of 2024 and currently average $21.5 million per week. That number has steadily increased by about $1 million every three weeks, and the state's weekly sales are expected to reach $24 million by the end of the year. Kagia's bullish outlook stems from New York's growing cannabis infrastructure, with 200 retail stores currently operating and 500 brands entering the market. The state is on pace to open 21 more stores over the next 23 days.
Law enforcement increases legal sales
Kagia pointed to the state's continued efforts to improve regulation and enforcement, including increasing the closure of unlicensed businesses. These enforcement efforts have led to dramatic sales increases, with some legal operators reporting up to a 200% increase in same-store sales.
OCM introduces new tools for licensees
OCM is also working on changes to packaging, advertising and the introduction of consumption lounges, which are still under consideration. The office is also introducing the Legal Cannabis Online Activity Locator (LOCAL), a mapping tool designed to simplify the cannabis licensing process across the state, making it easy for New Yorkers to locate the nearest legal dispensary. You will also be able to find it.
Cover image created with AI
Market news and data powered by Benzinga API
© 2024 Benzinga.com. Benzinga does not provide investment advice. Unauthorized reproduction is prohibited.
Click on the image for more information.
Cannabis rescheduling looks like it's just around the corner
Curious about what this means for the future of the industry?
Hear directly from top executives, investors, and policymakers at the Benzinga Cannabis Capital Conference in Chicago this October 8-9.
Click this link to get your tickets now before prices go up.
