The New York City Economy Tracker is a joint project between Investopedia and NY1, using publicly available data to evaluate the economic health of the city across a variety of metrics.
For the week of October 2, 2023, we’re looking at how sales for legal recreational cannabis in New York City are lagging behind other states.
NYC’s Cannabis Sales Lagging Behind Other States
New York’s first dispensary opened in December 2022, after recreational cannabis was legalized for adult use in March 2021, but sales in New York City and state are lagging behind other states that recently opened legal markets for adult-use.
Notably, legal dispensaries are only set to bring in about $12 per capita of taxable sales, according to budget data from New York state and city.
The number is far below the range of $36 to $83 received in the first full year of business by other states that have recently legalized recreational cannabis, such as Colorado, Washington, Oregon, California, and Massachusetts.
Cannabis Tax Revenue Not Set To Meet Projections