New York’s legal cannabis industry has been booming ever since it opened two years ago and is now on track to hit a major milestone.
A total of approximately US$864 million in sales has been generated by the Empire State’s marijuana market thus far, according to data from New York’s Office of Cannabis Management (OCM). The steady cash flow is expected to continue and many are now speculating that the number could ascend to US$1 billion before the new year.
A recent crackdown on illicit shops in the state, resulting in over 1,000 being shuttered, is one the main catalysts driving the industry’s growth. The increasing popularity and societal acceptance of weed is another. Also tax revenue, which benefits communities and provides incentives to further develop the industry.
“These numbers clearly indicate that New York is open for business,” John Kagia, OCM policy director, told the New York Post on Nov. 24. “There’s strong momentum behind the market right now.”
The number of licensed dispensaries in the state has increased by over 200 since the end of 2023. There are now a total of 245.
🇺🇸 NEW YORK’S CANNABIS SALES ARE BLAZING TOWARD $1 BILLION
New York’s cannabis market is puffing its way to $1 billion in sales by year’s end, with $863.9 million already in the bag.
Thanks to shutting down 1,000 illegal dispensaries, retail sales are soaring, raking in $22… pic.twitter.com/fQVojfGOBJ
— Mario Nawfal (@MarioNawfal) November 25, 2024
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Green Wednesday approaches
This cannabis shopping event will surely help the state on the road to US$1 billion.
The Wednesday before “Danksgiving” and Black Friday is renowned for being the most important annual day for tokers, aside from 420. “Green Wednesday” was coined by the delivery service Eaze in 2016 when it noticed a sales spike before the holiday weekend.
Many locations in New York will be offering their marijuana merchandise at a discounted price.
One of these, the veteran-owned cannabis dispensary chain Silly Nice, will have an assortment of limited-time deals at its 80 stores throughout the state.
Certain state pot shops reported a 200 per cent sales spike on the hump day occasion last year.
In 2023, the United States raked in over US$9.2 million from cannabis sales on Green Wednesday — an 18.2 per cent increase from 2022. Notably, there was an 81 per cent spike in edibles sales that day.
rowan@mugglehead.com
