New York Gov. Kathy Hochul (D) said last week that after five years of adult sales, the state’s licensed cannabis sellers have generated more than $3.3 billion in sales.
The governor’s office also noted that there are currently 2,161 cannabis licensees in the state, including 610 active dispensaries. Additionally, 56% of the state’s adult cannabis licenses were granted to Social and Economic Equity (SEE) applicants, including 57% of licenses for women-owned businesses and 51% for minority-owned businesses.
“Five years ago, New York committed to building a cannabis market rooted in equality, safety and opportunity, and today, that commitment is delivering real results. We’re forging new pathways for small businesses while aggressively closing down illegal shops that threaten public safety and undermine our legal marketplace. Our focus is clear: protect consumers, support legal businesses and ensure the industry’s proper growth.” – Hochul, in one STATEMENT
State officials noted that they have moved beyond a focus on equity licensing purposes defined in state law.
The program has also generated $10 million for the Community Grants Reinvestment Fund, including $5 million in grants given last year to support youth development, workforce training and other community reinvestment programs. The fund will award another $5 million in grants later this year.
New York Assembly Majority Leader Crystal Peoples-Stokes (D) said the state’s adult-use cannabis program was “focused on equity, economic opportunity and restorative justice” and that the market is “setting the standard for the rest of the country to follow.”
