New York State celebrates a milestone as legal cannabis sales surpass $1 billion, marking significant growth for the budding industry. Nearly 300 adult-use dispensaries are now operating across the state, generating tax revenue that will be reinvested into community programs, public health initiatives, and the development of New York's cannabis infrastructure. The Office of Cannabis Management (OCM) emphasizes the success of the industry's social and economic equity approach, highlighting achievements in community partnerships and training programs.
New York State ’s economy is lighting up after it reached $1 billion in legal cannabis sales, state-department officials announced on Tuesday., which shows the budding industry is growing throughout the state. In addition to the billion-dollar sales revenue generated by the legal market through last full week of 2024, OCMNearly 300 adult-use dispensaries are now open throughout the state.
In the meantime, Reid said the impressive sales revenue speaks to the strong demand for cannabis products. The agency also made headway by creating a Veterans Taskforce aimed at supporting, educating and providing resources related to cannabis to the veterans throughout the state. “It’s not just that this location is not a good location for a cannabis dispensary, no location is a good location for a cannabis dispensary,” NYS Assembly Member Michael Tannousis said at the rally.There are also nearly 8,500 registered caregivers in the program, with 21 medical dispensaries throughout New York, the report states.The OCM reports that state-wide, law enforcement seized nearly 17,000 pounds of unlicensed cannabis products with an estimated street value of over $68 million.
CANNABIS ECONOMY TAX REVENUE NEW YORK STATE EQUITY
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