A three-year implementation report by the New York Office of Cannabis Management (OCM) and Cannabis Control Board (CCB) documenting the state’s adult-use cannabis reforms process was released on Thursday, highlighting industry trends, the successes and shortcomings of the state’s equity program, and more.
According to the report, 1,342 adult-use cannabis licenses have been issued, including more than 200 retailers, and 67% of New York-based cannabis consumers reported having purchased from a legal source. Additionally, the state-wide adult-use market generated $653.9 million in revenue in 2023.
The report also noted that 54.7% of the adult-use licenses have been awarded to applicants eligible for the state’s social equity program, surpassing the goal of 50% set by the state. However, only about 20 operators so far have utilized the Cannabis Social Equity Investment Fund.
New York’s legalization law includes expungement provisions covering more than 400,000 cannabis-related crimes, the report said, and more than 200,000 convictions have already been sealed, with another 107,000 awaiting sealing.
Tremaine Wright, Chair of the Cannabis Control Board, said in an introduction to the report that despite some “growing pains” for the industry — Gov. Kathy Hochul (D) earlier this year called the state’s adult-use roll-out a “disaster,” for