NEW YORK — The cannabis industry in New York state has now reached $1 billion in retail sales. 

That’s according to the New York State Governor’s Office. 

“Earlier this year, my administration took critical steps to promote progress and economic opportunity within New York’s budding cannabis industry, including signing new enforcement powers into law that expedited the closure of unlicensed storefronts and, as a result, bolstered our legal market,” Governor Kathy Hochul said in a press release. “Today, we recognize the $1 billion milestone as more than just a number—it’s a testament to the hard work of those who helped build the strongest cannabis industry in the nation: one that prioritizes equity, ensures public safety, and empowers communities.” 

 “This milestone is a testament to the resilience, hard work, and innovation of cannabis entrepreneurs across New York. As $1 billion is an incredible number. Let us celebrate the individuals, businesses, and communities in cannabis who drive our state’s economic engine. Certainly, this moment underscores the strength of consumer demand for regulated cannabis—more importantly, it firmly demonstrates that a social and economic equity approach to industry is not antithetical to strong economic growth. New Yorkers have placed their trust in a market that prioritizes equity—and OCM remains committed to supporting that mission,” said Office of Cannabis Management Acting Executive Director Felicia A.B. Reid .

The state says more than 5,250 licenses, permits and registrations were issued or approved to date since 2023. The state has collected $80.2 million in taxes, fees and fines in the 2023-24 fiscal year and $67 million so far in the 2024-25 fiscal year.