NEW YORK — The Office of Cannabis Management (OCM) recently released its 2024 Annual Report.
With nearly 300 adult-use dispensaries open across the state and the market reaching $1 billion in revenue the OCM has issued over 5,000 licenses, permits and registrations, and conducted 1,300 enforcement inspections, state officials noted in a news release from the NYS Office of Cannabis Management. Officials believe that these achievements highlight New York’s commitment to fostering economic opportunity and ensuring public safety, and signals cannabis as a burgeoning industry in New York.
“This milestone is a testament to the resilience, hard work, and innovation of cannabis entrepreneurs across New York. As $1 billion is an incredible number, let us celebrate the individuals, businesses, and communities in cannabis who drive our state’s economic engine. Certainly, this moment underscores the strength of consumer demand for regulated cannabis—more importantly, it firmly demonstrates that a social and economic equity approach to industry is not antithetical to strong economic growth. New Yorkers have placed their trust in a market that prioritizes equity—and OCM remains committed to supporting that mission,” Office of Cannabis Management Acting Executive Director Felicia A.B. Reid said in the news release.
2024 in Review:
Over 5,250 Licenses, Permits, and Registrations issued or provisionally approved to date in State Fiscal Years 2023-2024 and 2024-2025
221 Adult-Use Cultivator Licenses
292 Adult-Use Processor Licenses
569 Conditional Adult-Use Retail Dispensary Licenses
448 Adult-Use Retail Dispensary Licenses
185 Adult-Use Distributor Licenses
272 Adult-Use Microbusiness Licenses
3,265 Cannabinoid Hemp Licenses and Permits
17 Registered Organizations
270 Adult-Use Retail Dispensaries open for business
54.1% of Adult-Use Licenses issued to social and economic equity businesses
$757.8 million in Adult-Use retail sales in 2024 as of November 30, 2024
$80.2 million in tax, fee, and fine revenue in State Fiscal Year 2023-2024
$67 million in tax, fee, and fine revenue by the mid-point of State Fiscal Year 2024-2025
EQUITY + COMMUNITY PARTNERSHIPS + TRAINING
OCM continued its support for equity applicants and licensees into 2024 through its programs, including the Cannabis Hub and Incubator Program (CHIP) SEE Application Assistance, collaborating with Technical Assistance Providers, CHIP Academy, and the CAURD Accelerator Program.
To significantly improve license processing, and enhance transparency, OCM implemented a single point of contact (SPOC) licensing review model.
In partnership with the Cannabis Advisory Board, opened the application window for Community Reinvestment Program grants, which will invest in neighborhoods that have been historically under-resourced, underserved, and over-policed.
In February 2024, the OCM Veterans Taskforce was established to support, educate, and provide resources related to cannabis to the veteran population.
In 2024, 22 Advanced Roadside Impaired Driving Enforcement Trainings were conducted by the Governor’s Traffic Safety Committee (GTSC) with support from OCM, training 797 officers in necessary skills to identify impaired driving.
Additionally, four Drug Recognition Expert (DRE) Schools were held by GTSC with support from OCM, adding 60 newly certified DRE officers to the force and bringing the number of active DRE-Certified Officers in NYS to 445.
MEDICAL CANNABIS:
Over 100,000 patients registered with the Medical Cannabis Program
Nearly 8,500 Registered Caregivers
4,454 Certifying Providers
21 Medical Dispensaries
11 Medical and Adult-Use Co-located Dispensaries
3,550 Lots of medical cannabis products laboratory tested
2024 Medical Cannabis Campaign earned over 9.8 million impressions, over 42,500 clicks, and prompted 1 million video completions
ENFORCEMENT:
1,300 enforcement inspections conducted
450 businesses padlocked
16,900 pounds of illicit products seized
$68.5 million street value of products seized
8,700 Lots of adult-use cannabis products laboratory tested
431 field hours of compliance inspections
“New York’s cannabis industry was designed with a focus on equity and opportunity, and this achievement is proof that our approach is working. By prioritizing Social and Economic Equity applicants, we’re creating a market that uplifts communities and fosters meaningful economic impact across the state. The tax revenue generated by this thriving industry directly supports our Community Reinvestment Grant Program, ensuring that communities disproportionately impacted by cannabis prohibition receive critical investments. This is only the beginning of what’s possible when we invest in an inclusive and well-regulated industry,” Cannabis Control Board Chairwoman Tremaine Wright said in the release.
The report can be found online at https://cannabis.ny.gov/system/files/documents/2024/12/ocm-annual-report-2024.pdf
