New York Cannabis Sales Exceed $260M During First 2 Quarters of 2024

Cannabis sales in New York have topped more than $260 million during the first two quarters of 2024, according to Office of Cannabis Management (OCM) Policy Director John Kagia, who told News10 that quarter three sales were on track to surpass those of the second quarter. Kagia added that the state collected about $23 million in cannabis taxes from the second quarter alone. 

“This is one of the benefits that jurisdictions that legalized or approved cannabis businesses to operate in their jurisdictions get to enjoy. The state has a 13% sales tax that’s applied to all cannabis products that are sold. 9% of those monies go to the state, but 4% of those tax revenues are reverted back to the municipalities where these transactions were done.” — Kagia to News10 

Since cannabis sales began in the state, $5.9 million has been distributed to local governments in upstate New York, $3.2 to Long Island governments, and $4.5 million to New York City. 

Since adult-use cannabis was legalized in the state, officials have worked to shut down shops found to be selling cannabis without a license; over the last three months, according to OCM, the state has shuttered more than 1,000 such shops.