New York’s Legal Cannabis Sales Reach $83 Million in 2023

NEW YORK — Recreational cannabis sales in New York have hit the $83 million mark from the onset of 2023 through September 29, based on the latest preliminary data provided by the state’s cannabis regulatory body.

This sales update was disclosed during a public meeting held by the New York Office of Cannabis Management (OCM) on Tuesday. MJBizDaily received presentation slides from the OCM revealing this financial breakdown.

The accumulative $83 million stems from:

• $8.7 million in sales during the first quarter.
• $23 million recorded in the second quarter.
• An impressive $51 million in the third quarter.

According to the presentation, “Q3 sales witnessed a twofold increase over the second quarter, even as some outlets remained shut for refurbishment.”

The imminent opening of five additional cannabis retailers is anticipated to bolster the supply chain significantly, paving the way for growers to capitalize on increased selling opportunities.

While licensed cannabis growers in the state await the further expansion of retail outlets, temporary “cannabis growers showcase” (CGS) events are being sanctioned by state officials. These events permit consumers to purchase legal cannabis products directly from licensed cultivators. As of October 1, the CGS events have amassed a revenue of $1.5 million this year, which includes approximately $290,000 in August and a notable nearly $1.2 million in September.

However, the tenure of the CGS initiative is limited, with an expiration date set for January 1, 2024. The OCM presentation highlighted that, “The Office continues to process 2-3 CGS applications weekly, indicating a bustling conclusion to the program this year.”

Combining the expansion of the CGS initiative with the launch of new retail outlets is anticipated to offer a timely respite for cannabis cultivators in New York.