Tinnakorn Jorruang
New York State’s office of cannabis management announced this week that it expects the state’s 2024 cannabis sales to surpass $200M by early June. The OCM officials attributed the success to New York’s recently introduced social equity program.
The Empire State reached the landmark after recording $12.5M in cannabis sales for the final week of May, setting a new weekly record that raised its monthly cannabis sales to $46.2M, a $4.4M rise for the month.
YTD retail cannabis sales in New York had already approached $196.5M, exceeding $160M in sales recorded for the entire year in 2023, Bloomberg News reported, citing a presentation.
The OCM made the announcement on Tuesday after its license-issuing authority, the Cannabis Control Board, authorized adult-use cannabis licenses to 105 applicants. 54% of licensees represented beneficiaries of the state’s social and economic equity (SEE) program.
When the state legalized recreational cannabis in 2021, New York launched the SEE program to benefit communities disproportionately affected by prohibition. This year, New York has awarded 503 adult-use licenses, 55% of which have been allocated to SEE applicants.
MSOs with cannabis operations in New York include Cresco Labs (OTCQX:CRLBF), Acreage Holdings (OTCQX:ACRDF) (OTCQX:ACRHF), Curaleaf (OTCPK:CURLF), and Green Thumb Industries (OTCQX:GTBIF).
