Cannabis Sales in New York High as the Clouds Expected to Hit One Billion Dollars

If you performed a quick Google search for "New York States State Color" you would see that New York State itself does not have an official state color by law. The closest you will find is that New York States flag and coat of arms use both dark and light blue as well as gold.

With that said, a new report from New York States Office of Cannabis Management (OCM) shows that the color green may be an arguable front runner if New York State ever did put an official state color into law. Why green you may ask? Well if the headline here didn't make it obvious enough, green is the color of cannabis and in New York State, New York's citizens have used their dollars (also green) to turn cannabis into a billion dollar industry.

New York State Rollin in Green

To be clear out front, the cannabis business isn't quite a billion dollar industry just yet in New York State, however estimates and expectations are that by the time 2024 calendar year is over, the cannabis business in NYS will break through the billion dollar threshold. The data into NY's booming cannabis industry was broken down in the latest report from the states Office of Cannabis Management which is available on the offices official website.

The report titled "Cannabis Advisory Board Celebrates Industry Win: $1 Billion in Sales Expected by Years End" highlighted a number of reasons for why cannabis and the cannabis business has exploded in New York State as well as future projections for what the business will be like in years to come.

The report released on December 16, 2024 opens with stating that currently there are 264- adult-use dispensaries open and operating throughout the state. At the time of the release of this report, the legal market has generated $918.7 million dollars in revenue. In addition, the OCM report stated that approval has been granted for "...68 new licenses across the supply chain, including 30 processors and 15 dispensaries, bolstering a total of 500+ supply-side licenses by year-end".

Further data showed that weekly sales hit $29 million on Green Wednesday (the day before Thanksgiving) which set a new record. It was also stated that retailers, particularly in downstate areas, continue to see sustained growth, bolstered by enforcement actions against illicit operators that have restored consumer confidence in the legal market.

Lastly it was stated that dispensaries in NYS on average are generating an estimated $6 million dollars in annual revenue further adding to the states green boom.

Green Business Future Projections

If the numbers about the current cannabis business wasn't enough to make one green with envy, the future projections of business in the state show that the boom will continue to grow, both literally and figuratively.

Over the past decade, cannabis consumption among adults in the state has risen extensively with 19% reporting annual use (+30%), and 12% reporting monthly use (+43%).

The biggest number listed in the future projections was that by the year 2030, the cannabis industry is estimated to hit between $6.5 and $7.5 billion dollars annually. By that time frame, it would mean that NYS would need an estimated 2 million pounds of cannabis to meet consumer demand.

Get our free mobile app

While the cannabis flower itself is the main source and will continue to be the main source of sales and revenue in the state, it is also expected that sales for other cannabis products like vapes and edibles will also increase significantly.

So yeah, green may not be the official color of New York State but it most certainly is loved, well for a couple of big reasons at least.