2024 Market Report of New York’s First Two Years of Legal Cannabis Sales Released by OCM

In a recent press release (1), the New York State Office of Cannabis Management (OCM) announced that they had released the 2024 Market Report (2) which covered the first two years of legal cannabis sales in the state. The report will assist the Cannabis Control Board (CCB) “with the data and insights necessary to evaluate market outcomes and determine whether modifications are needed to support the goals of inclusion, fairness, and sustainability,” which was listed in the Marihuana Regulation and Taxation Act (MRTA) (1,3).

Inside the 2024 Market Report, it discusses significant moments in New York’s cannabis industry. For example, the state reached $1 billion in legal sales at the end of the 2024 year (1,4).

As mentioned in the press release (1), some of the important findings inside the report are:

1. Total retail sales reached $1.02 billion, with $869 million generated in 2024 alone.
2. SEE applicants represent 81% of retail dispensary licenses and 58% of microbusiness licenses.
3. Over 500 brands in the market, two-thirds of which only supply products in one or two categories
4. More than 1,500 strains in the market, none of which have more than 2% of market share
5. Registered organizations account for 10% of all Adult Use sales, and 19% of flower product sales specifically
6. Retail dispensaries nearly tripled in 2024, reaching 260 locations operational by year's end.
7. Conditional Adult Use Retail Dispensary Licensees accounted for 70% of open retailers at the end of 2024
8. Strongest retail sales recorded in densely populated downstate regions, particularly Manhattan, Queens, and Long Island.
9. Wholesale activity surged significantly, driven by increased cultivator inventory transfers directly to retailers.

“This market 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,” said Felicia A. B. Reid, Acting Executive Director of the New York State Office of Cannabis Management (1). “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.”

The 2024 Market Report additionally delves into product rends which showcased consumer preferences and how they have shifted toward non-flower products (1). For example, edibles, concentrates, and vaporizers. Other subjects covered were the possible impacts of federal cannabis policy reforms that had been proposed and the state of the Big Apple’s efforts against illicit markets (1). The OCM provided recommendations for regulatory adjustments to be made in the future. Such as (1), “permitting broader indoor cultivation to stabilize the supply chain, refining rules for competitive pricing and discounts, and maintaining rigorous oversight to ensure market integrity.”

John Kagia, Executive Deputy Director of Market Policy, Innovation & Analytics, mentioned (1), “The comprehensive data from this report enable us to understand the current state of the market and proactively advance regulatory and policy decisions that enhance the long-term viability of New York’s cannabis sector. With insights on sales trends, product diversification, and consumer behavior, we’re equipping the CCB to support businesses navigating the market’s competitive pressures and evolving demands.”

Currently, the press release reports that the state has 368 dispensaries throughout the state and is nearing $1.5 billion in legal sales.

References

1. The New York State Office of Cannabis Management Releases 2024 Market Report Analyzing First Two Years of Legal Sales https://cannabis.ny.gov/system/files/documents/2025/04/2024-ocm-market-report-release.pdf (accessed Apr 29, 2025).
2. New York State Office of Cannabis Management Market Report https://cannabis.ny.gov/system/files/documents/2025/04/2024-ocm-market-report.pdf (accessed Apr 29, 2025).
3. Marihuana Regulation and Taxation Act (MRTA) https://cannabis.ny.gov/marihuana-regulation-and-taxation-act-mrta (accessed Apr 29, 2025).
4. Colli, M. New York reaches $1 billion in cannabis retail sales according to governor Kathy Hochul https://www.cannabissciencetech.com/view/new-york-reaches-1-billion-in-cannabis-retail-sales-according-to-governor-kathy-hochul (accessed Apr 29, 2025).