New York Gov. Kathy Hochul (D) said last week that after five years of adult-use sales, licensed cannabis retailers in the state have generated over $3.3 billion in sales.
The governor’s office also noted there are currently 2,161 cannabis licensees in the state, including 610 active dispensaries. Additionally, 56% of the state’s adult-use cannabis licenses have been awarded to Social and Economic Equity (SEE) applicants, including 57% of licenses to women-owned businesses and 51% to minority-owned businesses.
“Five years ago, New York committed to building a cannabis market rooted in equity, safety, and opportunity and today, that commitment is delivering real results. We are creating new pathways for small businesses while aggressively shutting down illicit shops that threaten public safety and undermine our legal market. Our focus is clear: protect consumers, support legal businesses, and ensure this industry grows the right way.” — Hochul, in a statement
State officials noted they have exceeded the equity-focused licensing goals laid out in state law.
The program has also generated $10 million for the Community Grant Reinvestment Fund, including $5 million in grants awarded last year to support youth development, workforce training, and other community reinvestment programs. The fund is set to award another $5 million in grants later this year.
New York Assembly Majority Leader Crystal Peoples-Stokes (D) said the state’s adult-use cannabis program was “centered on equity, economic opportunity and restorative justice,” and that the market “is setting the standard that the rest of the country should follow.”
