New York State, and particularly New York City, has a special place in the global economy. Nasdaq and the New York Stock Exchange, the world’s two largest stock exchanges, are located in New York City. Additionally, New York City is widely considered the world’s media capital and a global leader in entertainment and media spending, publishing, broadcasting, and advertising.
The state is also home to an emerging legal adult-use cannabis industry, and given New York’s international industry and media standing, the success of New York’s regulated cannabis market is significant for the wider cannabis movement.
New York Governor Kathy Hochul recently announced that total adult-use cannabis sales have topped $4.1 billion since regulated sales launched in December 2022, with $1.4 billion of that total coming in the first three quarters of 2026.
“This achievement reflects the growing number of New Yorkers choosing to purchase cannabis through the legal market and the contributions of licensed cultivators, processors, distributors, retailers, entrepreneurs and workers who are building an equitable and thriving industry. New York currently ranks third in adult use retail sales nationally.” the Governor’s office wrote in a news release.
“When New York legalized adult-use cannabis, we made a promise to build an industry that is safe, fair and creates real opportunity for the communities hit hardest by decades of failed drug policies. Topping $4 billion in sales shows that promise is a reality,” Governor Hochul said.
“Hundreds of licensed dispensaries are now open across the state, most licenses have gone to equity entrepreneurs, and cannabis revenue is going back to communities that need it most. We will keep shutting down illegal shops, stand up for small businesses that play by the rules and ensure this industry continues on a path of growth and equity.” Governor Hochul added.
Below are key statistics and information from the New York regulated cannabis market:
- $4.1 Billion +: Retail sales to date
- $1.41 Billion: Retail sales through the third quarter of 2026
- 2,351: Cannabis licenses issued statewide
- 1,039: Licensed adult-use retailers statewide
- 2,257: Storefront Inspections to date
- 738: Padlocked and closed illegal cannabis storefronts to date
- 1,615: Notice of Violations Issued
- $276,853,531: Estimated value of illegal products seized
- 744: Licensed adult-use dispensaries open and operating
- 56%: Share of adult-use licenses awarded to Social and Economic Equity applicants
- 5 Adult Use License Types: Cultivator, Processor, Distributor, Microbusiness and Retail Dispensary
“Reaching $4.1 billion in cannabis sales is an extraordinary milestone for New York, but the real story is the people and businesses behind that number. From the advocates and lawmakers who made this market possible, to the entrepreneurs who have built New York’s legal cannabis supply chain from the ground up, and the workers who show up every day to keep the industry’s engine running – this achievement belongs to them. What we are seeing today is the result of their resilience, innovation and belief in what New York’s legal cannabis market could become. Our responsibility now is to build on that momentum and help create the conditions for these businesses and this industry to thrive for years to come.” New York State Office of Cannabis Management Executive Director John Kagia said.
“New York set out to build a cannabis market where opportunity is shared, equity is meaningful, and businesses have a real chance to succeed. Today, we are seeing that vision take shape across the state. This milestone reflects tremendous progress, but it also raises the bar for what comes next. The measure of this market’s success will continue to be not only how much it grows, but whether that growth creates a lasting opportunity for the New Yorkers this market was designed to serve.” New York State Cannabis Control Board Chair Jessica Garcia said.
“Reaching $4.1 billion represents more than growing sales. As the market has expanded, the state has continued building the infrastructure around it, supporting businesses, advancing social and economic equity, progressing scientific research and public education, protecting the regulated marketplace and reinvesting cannabis revenue into communities.” the news release stated.
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