Two years after marijuana was legalised in New York two years ago, sales in the state are set to hit the $1 billion mark, the New York Post reported. Pot sales hit $863.9 million last week and could cross the billion-dollar mark by the end of December, regulators said. In August, the US state had surpassed $500 million in sales.
“These numbers clearly indicate that New York is open for business. There’s strong momentum behind the market right now,” John Kagia, policy director for the state’s Office of Cannabis Management, told the publication. He added that beefed-up enforcement and the padlocking of illegal shops under a new law had a big and immediate impact on boosting the bottom line of licensed marijuana retailers.
There were 41 licensed retail weed outlets in 2023. Now, there are 245 stores.
According to reports, retail sales of weed have generated $22 million (about Rs 185 crore) in tax revenues. Moreover, a recent study said that New York could support 1,000 new pot stores. The sales are under $50 (about Rs 4,200) per resident.
“New York’s cannabis market is certainly beginning to take off, especially here in New York City where the appetite for regulated, high-quality products is growing in tandem with efforts to curb the illicit market,” Vanessa Yee-Chan, owner and founder of Atta Dispensary at 52 Kenmare St., told the New York Post. She was the first weed retailer to open in Chinatown.
“Since our grand opening nearly two months ago, our customer base has consistently grown, and we’ve had to increase the frequency in which we place purchase orders for certain products to ensure we are keeping things in stock.”
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