The New York cannabis industry finds itself at a pivotal juncture, at a critical time in the nascent but rapidly expanding adult-use market. While the NYS office of Cannabis Management and Cannabis Control Board have been subject to seemingly unrelenting criticism over the rollout, the signs are clear now that they’ve laid a solid foundation for a robust, equitable industry.

As of November 2024, OCM has issued over 1,000 licenses across the supply chain, with 54% awarded to “social and economic equity” applicants (i.e., businesses that are majority-owned by women, minorities, service-disabled veterans, distressed farmers and individuals from communities disproportionally impacted by cannabis prohibition). No other state has achieved such a diverse and equitable business ownership goal. Over 240 dispensaries have opened for business and the industry is on pace to end 2024 with nearly $1 billion in retail sales. That figure is anticipated to triple in the coming years.