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New York’s Office of Cannabis Management (OCM) says the cannabis industry within the state has now topped $1 billion dollars in sales from total revenues. The OCM says there are now 275 adult-use dispensaries which are open for business throughout the state. OCM has issued over 5,000 licenses, permits and regulations along with conducting 1,300 enforcement inspections.
“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.” Said Office of Cannabis Management Acting Executive Director Felicia A.B. Reid.
Of the over 5,000 licenses, permits, and registrations issued, 54.1% of the adult use licenses were issued to social and economic equity businesses. The cannabis market now offers adult consumers 500 different brands available.
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