New York’s authorized marijuana market noticed spectacular development on the finish of the summer time, hitting a record-breaking $214.4 million in gross sales for August.
It’s the best month-to-month gross sales determine within the almost three-year historical past of the trade within the state, in response to Crain’s New York Enterprise.
Gross sales climbed from $161.6 million in July and $153.2 million in June, in response to data Kevin Brennan, deputy director of analytics on the state Workplace of Hashish Administration, shared throughout a regulatory assembly Monday.
It’s up from $104.3 million in August 2024.
Brennan famous that the rising gross sales figures, pushed by the continuing opening of latest dispensaries, are a promising indicator for New York’s authorized hashish market.
Milestone achieved
The expansion follows a milestone reached this summer time, when the trade surpassed $2 billion in complete authorized hashish gross sales.
Yr-to-date gross sales have already hit $1.26 billion, with cumulative gross sales reaching $2.3 billion because the market’s launch in December 2022.
Trying forward, Brennan mentioned that the OCM initiatives complete gross sales for 2025 to succeed in about $1.8 billion.
“We might be on $3 billion watch by the top of the yr,” Brennan mentioned.
Provide considerations loom
Brennan cautioned that New York’s 516 licensed hashish cultivators won’t develop sufficient marijuana to satisfy the authorized market’s demand subsequent yr, doubtlessly resulting in a scarcity regardless of this yr’s surplus.
Brennan mentioned that primarily based on calculations and suggestions from licensed growers, the state’s hashish farmers have the capability to provide as much as 1.19 million kilos of marijuana biomass yearly.
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Nevertheless, annual manufacturing this yr is nearer to 474,000 kilos as a result of many growers will not be utilizing their full capability.
“We’ve licensed 51% greater than we want for 2026 and about what we want for 2027,” Brennan mentioned. “Nevertheless, given how little of that’s presently on-line, we venture an nearly 40% potential shortfall for subsequent yr.”
