Dinakoncho Rouen
The New York State Office of Marijuana Management announced this week that it expects 2024 marijuana sales in the state to exceed $200 million by early June. OCM officials attribute this success to New York’s recently launched social equity program.
empire The state hit $12.5 million in marijuana sales in the last week of May, setting a new weekly record, boosting its monthly marijuana sales to $46.2 million, adding $4.4 million to the milestone this month .
New York’s year-to-date retail cannabis sales are approaching $196.5 million, surpassing the $160 million in sales recorded for all of 2023, Bloomberg News the report said, citing a briefing note.
OCM made the announcement on Tuesday after its licensing authority, the Cannabis Control Commission, awarded adult-use cannabis licenses to 105 applicants. Fifty-four percent of licensees are beneficiaries of the state’s Social and Economic Equity (SEE) program.
When the state legalized recreational marijuana in 2021, New York launched the SEE program to benefit communities disproportionately affected by prohibition. This year, New York has issued 503 adult-use licenses, 55% of which have been allocated to SEE applicants.
MSOs with cannabis operations in New York include Cresco Labs (OTCQX:CRLBF), Acreage Holdings (OTCQX:ACRDF) (OTCQX:ACRHF), Curaleaf (OTCPK:CURLF) and Green Thumb Industries (OTCQX:GTBIF).
