Retail sales of legal recreational marijuana in New York were worth $83 million between the beginning of 2023 and Sept. 29, according to a new preliminary estimate from the state’s cannabis regulator.
The sales total was presented by the New York Office of Cannabis Management (OCM) at a Tuesday public meeting.
The OCM shared slides from the presentation with MJBizDaily.
The $83 million sales figure consists of:
- $8.7 million in the first quarter.
- $23 million in the second.
- $51 million in the third.
“Q3 sales doubled over the previous quarter even with several stores closed for renovations,” according to the presentation.
“Five new (cannabis) retailers opening imminently will significantly increase supply chain capacity, presenting more sell through opportunities for growers.”
As licensed New York marijuana growers wait for more retailers to come online, state authorities are permitting temporary “cannabis growers showcase” (CGS) events at which consumers can shop for legal products from licensed producers.
Year-to-date sales revenue at CGS events through Oct. 1 has totaled $1.5 million, the presentation noted, including roughly $290,000 in August and nearly $1.2 million in September.
The CGS program is due to expire Jan. 1, 2024.
“The Office (of Cannabis Management) continues to receive 2-3 CGS applications per week, signaling active final months for the program,” according to the OCM presentation.
“The combination of CGS program expansion and new retail stores will offer timely relief for growers.”
New York launched legal adult-use sales on Dec. 29, 2022.
The OCM is moving to issue more marijuana business licenses as legal producers face a buildup of unsold inventory in the face of limited legal retail outlets.
Solomon Israel can be reached at solomon.israel@mjbizdaily.com.
