New York State reached a significant milestone on Wednesday in growing the legal cannabis industry with the grand opening of the 100th Conditional Adult-Use Retail Dispensary brick-and-mortar store, Big Gas located in New Paltz. The Office of Cannabis Management joined Big Gas owners, Kareem Haynesworth and Zymia Lewis for the grand opening of the dispensary for public sales.
“New York State continues to make progress on standing up a safe and legal cannabis industry for business owners, farmers and residents across the state,” Governor Kathy Hochul said. “Today marks a historic milestone in establishing a thriving and equitable industry in our state with the 100th brick-and-mortar store opening.”
New York currently has 110 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 Conditional Adult-Use Retail Dispensary (CAURD) licensees with storefronts, CAURD licensees providing delivery services, and 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 exceeding $237 million. Notably, $77 million of these sales were generated in the first two and a half months of 2024, indicating a thriving market.
Within its first year of operation, the State has surpassed the Social and Economic Equity (SEE) goal set out in Cannabis Law by awarding 60 percent of licenses to social and economic equity applicants. Within that group, 40 percent are minority-owned businesses and 40 percent are women-owned businesses, respectively.
As of April 2024, 37 percent of NY’s adult-use dispensaries are majority minority-owned; nationwide only 19 percent are majority minority-owned. Similarly, 11 percent percent of NY’s adult-use dispensaries were majority Black-owned, while the nation is at 2 percent. Approximately 50 percent of New York’s open dispensaries are Minority- and/or Women-Owned Businesses, underscoring the state’s commitment to inclusivity and accessibility.
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