According to the New York Office of Cannabis Management’s annual market report released Tuesday, there are more than 500 cannabis brands in the state and more than 260 operational dispensaries statewide, with over $1 billion in sales since the industry launched two years ago.
According to the report, 55% of dispensaries are run by social equity licensees.
Felicia A. B. Reid, acting executive director of the state Office of Cannabis Management, said the report “reflects the dynamism of New York’s cannabis industry – an industry that is shifting rapidly as the market matures and encounters both opportunities and challenges.”
“But, as ever, OCM is deeply committed to ensuring that the industry is reflective of New Yorkers and creating meaningful and forward-looking opportunities for communities historically affected by cannabis prohibition. The agency must grow alongside the market, and this report is a critical retrospective to inform future strategy.” — Reid, in a statement
Of the more than 500 brands in the New York market, two-thirds only supply products in one or two categories, and market growth with the number of retail dispensaries nearly tripled last year, according to the report.
Flower was the most popular product