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Projected to be the largest cannabis market in the United States, New York is just getting started on its cannabis journey. In this article, we have broken down everything you need to know about the market, consumers, news, and important details. This page is evergreen meaning that we will keep this updated and stocked with the key facts, data, and information as the market develops and matures. Be sure to bookmark this page for more updates.
The Office of Cannabis Management maintains a webpage where you may acquire direct information on New York’s cannabis laws. The OCM website provides information on cannabis regulations, health and safety information, and opportunities that may arise as a result of the new industry.
There are various sources online that will keep you updated with this type of information including
Cannaspire also provides a summary of New York Cannabis state updates and updates for other states. You can subscribe to this by clicking here.
Out of the 1,520 municipalities in New York, 764 have voted to opt out of dispensaries, and 883 have decided to opt out of consumption sites. Here is a list of municipalities that have chosen to ban adult-use marijuana retailers and on-site consumption lounges.
Eight to ten percent of the adult population in New York State, which has 15.1 million individuals, use marijuana. This equates to around 1.5 million consumers throughout the state. This is according to the 2018 report of New York City Comptroller Scott Stringer.
Source: CNBC
A total of 125,416 registered patients are now participating in the New York Medical Cannabis Program. In addition, there are also 3,645 certifying practitioners working in the industry according to the most recent available data on April 5, 2022.
Source: Office of Cannabis Management
72% of New York state voters feel adult-use cannabis is safe and, in many situations, may be beneficial in encouraging wellbeing, according to a poll done by the Siena College Research Institute in February 2021.
Source: Siena College Research Institute
57% of New York state voters believe the legalization of recreational marijuana will not lead to an increase in the usage of marijuana among young people under the age of 21 in the state. Meanwhile, 34% think it will, with the remaining 9% not knowing for sure.
Source: Siena College Research Institute
The total cost attributed to marijuana prohibition in New York is $17,464,186, according to a report. $8,296,127 million of that was allocated to the police, $3,585,521 million to the courts, and $5,582,538 million to correctional facilities.
Source: The Budgetary Implications of Drug Prohibition
33 marijuana arrests were reported in the fourth quarter of 2021 in New York City. Women make up two of the arrestees while men make up the rest. 14 of the people arrested were between the ages of 35 and 65; 13 were between 25 and 34; five were between 20 and 24, and one was under the age of 20.
Source: New York Police Department
There are underground cannabis companies taking advantage of gaps in state law and selling cannabis at illegal outlets, most of which have sprung up in neighborhoods around New York City. In May 2022, New York’s Office of Cannabis Management issued more than 50 cease-and-desist letters. The OCM has criticized these outlets, labeling them as “illegal.”
Source: Greenentrepreneur
New York stands to earn more than $1.25 billion in marijuana tax revenue over the following six years, according to an estimate contained in Gov. Kathy Hochul’s Fiscal Year 2023 Executive Budget announced in January 2022.
Source: Governor Kathy Hochul
Approximately 743 million U.S. dollars is estimated to be the value of marijuana sales in New York in 2025, according to one estimate. Economically and professionally, the legalization of cannabis will be a game-changer, opening doors for previously underserved areas that have been harmed by prohibition.
Source: Statista
The findings of a cross-sectional analysis revealed that 1073 (22.1 percent) of the 4858 census tracts in New York had at least one certifying provider and 37 (0.8 percent) had at least one medical cannabis dispensary. Suburban census tracts were 62 percent less likely than urban census tracts to have at least one certified provider.
Source: BMC Public Health
Businesses that sell CBD products to customers in New York (both online and in-person) are required to get a Cannabinoid Hemp Retail License from the Office of Cannabis Management (OCM) as part of the Cannabinoid Hemp Program. The Cannabinoid Hemp Retail License is $300 per site and is valid for one year.
Source: Office of Cannabis Management
8 Steps for Starting a CBD Business in New York:
In New York, obtaining a medical business license to sell marijuana costs:
Type of Fee | Amount |
Non-refundable Application Fee | $10,000 |
Initial Permit Fee | $200,000 |
60% of nearly 100 respondents intend to or are currently operating a cannabis business in the state of New York, according to the results of a survey conducted by Esta Bigler, the Director for Labor and Employment Law Programs at Cornell University.
Source: Syracuse
$2.6 billion in cannabis retail sales could ultimately employ approximately 50,806 people in the state and generate $2.2 billion in annual employee compensation, according to a study published by James A. Parrott and Michele Mattingly in February 2021.
Source: Marijuana Economic and Revenue Impact Report
Here are some of the dispensaries currently open in the state of New York and how much they make annually:
Source: DNB
At this time, to start a dispensary in New York, you should be eligible for a conditional adult-use retail license. People who are deemed to be “justice-involved” will be the first licensed retailers in the state. A conditional adult-use retail dispensary license is valid for four years, with a two-year obligatory renewal. After the four-year conditional term, license holders may seek to transition to a standard retail dispensary license. This article will be updated with further information when there is news of other opportunities.
Source: Office of Cannabis Management
To get a conditional adult-use retail dispensary license in New York, there is a $2,000 non-refundable application and license fee. The rules and regulations specify 34 specific types of information that each application will be required to submit in order to be considered.
Source: Office of Cannabis Management
To be considered for a conditional adult-use retail dispensary license, applicants must:
Source: Office of Cannabis Management
Application and License Fee: In New York, obtaining an adult-use conditional cultivator license costs $2,000 in non-refundable fees. Those who qualify for a conditional cultivator license for adult-use cannabis may grow cannabis that contains more than 0.3 percent THC for the emerging recreational market.
Source: Office of Cannabis Management
The first conditionally licensed dispensaries in New York are slated to open their doors by the end of the year 2022 and start selling legal cannabis to adults for recreational purposes. Applications for retail licenses are expected to open in the summer of 2022, with licenses being awarded in the late summer or early autumn of the same year.
Source: NBC New York
An effective New York marijuana business plan must contain the following elements:
Source: Cannaspire
Application and licensing fee: In order to get a conditional adult-use retail dispensary license in New York, a $2,000 non-refundable application and license fee is required.
Source: Office of Cannabis Management
These online directories can help you find where to buy cannabis in New York:
Directory websites may assist you in narrowing down your search by giving information on a range of different items and brands. These directories can help you locate cannabis-related things and may even organize delivery services for you. Moreover, they provide reviews and directions on how to do things.
At this time, there are only medical marijuana dispensaries in the state of New York. No one has been granted a license to sell recreational cannabis as of yet. We’ll be updating this section as soon as licensed recreational marijuana dispensaries become available.
Those are all of the important New York Cannabis stats, facts, and data for now. Hopefully, this has helped you with whatever information you are gathering. What are your thoughts on the New York market? Let us know by sending us a message. If you are interested in learning more about the cannabis program in the state of New York, you may learn more by visiting this post. If you’d like to keep up-to-date with the critical details of the New York market, business opportunities, and legal updates please subscribe to our newsletter below.
