Days ago New York’s Governor announced that the state’s legal cannabis industry had crossed a major milestone – there are now 150 licensed recreational cannabis dispensaries operating in the state. The announcement comes amidst a push by New York regulators to shut down unlicensed cannabis dispensaries across the state.
“Governor Kathy Hochul announced New York has reached a significant milestone in the growth of the legal cannabis industry. New York State is pleased to recognize the opening of the 150th Adult-Use Retail Dispensary (CAURD), The Robinson’s Dispensary, located in Albany, NY. New York currently has 150 adult-use cannabis retailers — including storefronts and temporary delivery-only (TDO) locations — open and operating across the State, with more anticipated to open soon. These retailers represent a diverse mix of CAURD licensees with storefronts and providing delivery services, as well as adult-use dispensaries co-located with existing medical dispensaries. The growth of the cannabis industry in New York is reflected in the rapidly growing retail sales figures, with total sales reaching $421.2 million. Notably, sales surged to $71 million in June alone, indicating a thriving market.” the Governor’s office stated in a press release.
“As New York expands the most equitable cannabis market in the nation, my administration remains committed to building a safe industry for all New Yorkers that will grow our small business community,” Governor Hochul said. “New dispensaries continue our mission of strengthening our legal market while at the same time helping to push out the bad actors who skirt our laws and undermine all we are trying to accomplish. The grand opening of The Robinson’s Dispensary is an incredible achievement for the State of New York and is a part of many more milestones to come.”
“We are thrilled to celebrate this significant milestone in New York’s cannabis industry. OCM’s commitment to building a strong market rooted in equity and the possibility of opportunity ensures that communities across the State can participate and flourish. The Robinson family’s story is a testament to progress, the power of partnership and OCM’s dedication to economic development aimed at creating an inclusive and robust cannabis community. The State has surpassed the Social and Economic Equity (SEE) goal set out in the Cannabis Law by awarding 53 percent of licenses to social and economic equity applicants. Within that group, 37 percent are minority-owned businesses and 39 percent are women-owned businesses.” New York State Office of Cannabis Management Acting Executive Director, Felicia A.B. Reid said.
“The State has also almost doubled the percentage of majority minority-owned dispensaries nationwide. As of July 2024, 37 percent of NY’s adult-use dispensaries are majority minority-owned; nationwide, only 19 percent are majority minority-owned. Similarly, 20 percent of NY’s adult-use open dispensaries are majority Black-owned, compared to 2 percent nationwide. About 50 percent of New York’s open dispensaries are Minority- and/or Women-Owned Businesses, underscoring the State’s commitment to inclusivity and accessibility.” the Governor’s office press release stated.
“Supporting local and small businesses is at the heart of our mission to build a strong and sustainable cannabis market in New York. The success of The Robinson’s Dispensary highlights our ongoing efforts to provide opportunities for entrepreneurs and to foster economic growth within our communities. We are committed to ensuring that small businesses have the resources and support they need to succeed in this industry.” Small Business Development Director, Jim Rogers said.
As of March of this year, the New York Times estimated that there were roughly 2,000 unregulated cannabis shops in New York. In a June press conference, New York Governor Kathy Hochul referenced data indicating that sales at licensed dispensaries near shuttered illegal cannabis stores have risen 27% since the unregulated shop crackdown began.