Exclusive | New York is feeling sky-high as pot sales near $1B since the launch of legal market: Open for business

It’s a milestone for stoners.New York is set to hit the $1 billion mark in cannabis sales since the legal market launched two years ago, state officials tell The Post. “These numbers clearly indicate that New York is open for business.There’s strong momentum behind the market right now,” said John Kagia, policy director for the state’s Office of Cannabis Management.Pot sales hit $863.9 million as of last week — and they could top the billion-dollar mark by the end of December, regulators say.

The state surpassed $500 million in sales in August.The market has ramped in recent months after a rocky rollout marred by lawsuits, a massive illegal market and enormous backlogs in the awarding of retail licenses issued by the often-criticized understaffed and overwhelmed OCM.The turmoil and hiccups delayed the state’s timeline to develop the new legal market for marijuana.Gov.

Kathy Hochul ordered a management shake-up after a scathing report she commissioned in May issued blunt criticism of how the regulatory agency was run, and 64 new staffers were hired.OCM currently employs 213 full-time workers, said OCM rep Taylor Randi Lee.There are now 245 licensed retail weed outlets, up from 41 stores at the end of 2023.Retail sales of weed have generated $22 million in combined tax revenues for local governments, including $7.9 million to New York City, according to state Comptroller Tom DiNapoli’s office.More than $16.6 million in tax revenue from the pot business also flowed to the state treasury through June and is on pace to double last year’s total Kagia said beefed-up enforcement and the padlocking of illegal pot shops under a new law approved by Hochul and the state Legislature had a big and immediate impact on boosting the bottom line of licensed cannabis retailers.Sales more than doubled — soaring 105% — among cannabis retailers that were in business before “Operation Padlock” took place in the spring and afterward, a survey by OCM found.Ho...