New York cannabis industry stakeholders celebrated the opening of the state’s 500th dispensary in Rochester on Friday. The news comes on the back of over US$2.3 billion in sales since the recreational industry opened up in late 2022.
This year alone, the Empire State has raked in US$1.4 billion from the legal marijuana sector, according to New York’s Office of Cannabis Management.
The OCM wants to have 625 pot shops open throughout New York by the end of the year, but it says that will only be the beginning. Felicia Reid, Acting Director of the organization, has explained that New York could potentially support up to 2,000 dispensaries in the years to come. Reid was in attendance at the Green Comfort dispensary’s ribbon cutting ceremony and official launch last week.
“We’re a quarter of the way there,” she said in a lengthy interview with WXXI News. “Just seeing the ways in which dispensary owners are running with the opportunity is incredible.”
Rochester’s Green Comfort will be continuing its opening celebrations by hosting a so-called “Smokes-giving” festivity on Nov. 22.
“Reaching 500 shows the industry’s momentum and our continued focus on equity, compliance, and consumer protection,” said New York Cannabis Control Board (CCB) Chair, Jessica Garcia.
The CCB said last week that it was now allowing licensed shops like Green Comfort to provide discounts and promotions. Offering coupons, discount bundles, loyalty programs and point-based rewards systems is now permitted at state dispensaries. The intention is to enable legal marijuana stores to operate in a similar manner as retail outlets in other industries.
The average price of cannabis in New York has dropped by over 17 per cent since legalization in early 2021 as the market continues to ramp up and expand.
State authorities have also been cracking down on the illicit industry at a fast pace. Within the past three months they have padlocked almost 1,000 unlicensed smoke shops.
Curaleaf Holdings Inc (TSE: CURA) (OTCMKTS: CURLF), Green Thumb Industries Inc (CNSX: GTII) (OTCMKTS: GTBIF) (FRA: R9U2) and Cresco Labs Inc (CNSX: CL) (OTCMKTS: CRLBF) (FRA: 6CQ) are a few of the state’s key public cannabis sector operators.
New York’s legal industry currently provides employment for approximately 25,000 residents.
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