Three weeks into the new year, New York’s cannabis retail sales are nearing $50 million, with revenues stabilizing as more dispensaries open statewide. According to the New York State Office of Cannabis Management, despite 54% of municipalities opting out of legal cannabis sales, strong growth has been recorded in every region, with the highest sales in Manhattan, Queens, and the Mid-Hudson Valley, each surpassing $100 million in retail sales in 2024. Currently, 295 adult-use dispensaries are operating across New York State.
The first round of Community Reinvestment Grant Program applications is now under review following the December 18 submission deadline. OCM received 451 grant applications from 501(c)(3) nonprofit organizations, which will now undergo eligibility screening. This program, funded by cannabis tax revenue, will award $5 million in grants to organizations focused on mental health, housing, and workforce development for youth ages 0-24.
“One thing is clear: New Yorkers are embracing the legal cannabis market. As the industry grows, so does our ability to reinvest in communities impacted by prohibition,” said Joseph Belluck, Chairman of the New York State Cannabis Advisory Board. “This program allows us to uplift youth across the state by supporting nonprofit organizations that provide critical resources and opportunities.”
OCM aims to complete the initial evaluation and scoring of eligible applications within six weeks. To ensure statewide impact, at least one grant will be awarded in each of New York’s Empire State Development regions.
The Cannabis Advisory Board also received updates on OCM’s equity initiatives. To date, 54% of adult-use licenses are held by Social and Economic Equity (SEE) applicants, with 81% of retail dispensaries falling into this category. These figures reflect the state’s commitment to ensuring industry benefits are equitably distributed.
Additionally, CAB and OCM discussed the upcoming launch of CHIP Academy Part 4, an educational initiative designed to support new and conditional licensees with targeted training, compliance guidance, and industry best practices.
Key features of CHIP Academy include:
- Live Q&A sessions with industry experts and regulators
- Training on Good Manufacturing Practices (GMPs) and compliance requirements
- Resources to support sustainable business growth and operational success
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