ALBANY, N.Y. — The New York State Office of Cannabis Management said in a meeting on Tuesday, November 12, that it expects $800 million in revenue from legal dispensaries by the end of the year.
The potential end-of-year revenue total is much larger than the total from 2023, which featured the OCM combatting lawsuits and illicit shops, limiting revenue totals.
By comparison, shops in New Jersey, where recreational sales started eight months before New York, raked in $673 million last year. Potentially signally New York was falling behind originally.
2024 has featured large compliance operations which targeted shops selling marijuana illegally and quicker approval for dispensaries seeking a license in New York State. The number of legal dispensaries has increased across all regions in the State including Central New York and Syracuse.
Despite the more promising outlook, and now more than $24 million of revenue per week statewide, the numbers are falling short of the $5 billion market New York hoped for when it legalized cannabis.https://www.cnycentral.com/news/local/office-of-cannabis-management-expects-800-million-in-revenue-by-end-of-year
https://www.cnycentral.com/news/local/office-of-cannabis-management-expects-800-million-in-revenue-by-end-of-year
