New York’s legal cannabis market has experienced significant growth, with total sales nearing $1.5 billion since the launch of adult-use retail in late 2022. According to the state’s Office of Cannabis Management (OCM), sales in 2024 alone amounted to $869 million, a substantial increase from the previous year. This surge is attributed to the expansion of licensed dispensaries, which grew from 41 at the end of 2023 to 368 by April 2025, nearly tripling in number. The OCM projects that the number of licensed cannabis stores will exceed 625 by the end of 2025, further bolstering the market’s growth.
The state’s efforts to create an equitable cannabis industry are evident, with 55% of licenses held by social and economic equity (SEE) applicants, including 81% of retail dispensary licenses and 58% of microbusiness licenses. Additionally, the Conditional Adult Use Retail Dispensary (CAURD) program, designed to support communities disproportionately affected by past cannabis prohibition, accounted for 70% of open retailers at the end of 2024. Despite these advancements, challenges remain, such as competition from unlicensed retailers and the need for continued enforcement to ensure a fair and sustainable market.
