The New York State Office of Cannabis Management announced this week that it expects 2024 cannabis sales in the state to exceed $200 million by early June. OCM officials attributed the success to New York’s recently introduced social equity program.

Empire The state reached a turning point after reporting $12.5 million in cannabis sales in the last week of May, setting a novel weekly record that raised monthly cannabis sales to $46.2 million, an enhance of $4.4 million in the month .

Year-to-date cannabis retail sales in New York have already reached $196.5 million, surpassing the $160 million in sales recorded for full-year 2023. Bloomberg News – he said, referring to the presentation.

OCM made the announcement Tuesday after the licensing body, the Cannabis Control Board, issued adult-use cannabis licenses to 105 applicants. 54% of licensees represented beneficiaries of the state’s Social and Economic Equity (SEE) program.

When the state legalized recreational marijuana in 2021, New York launched its SEE program to benefit disproportionately impacted communities by prohibition. This year, New York awarded 503 adult apply licenses, 55% of which were awarded to SEE applicants.

MSOs with cannabis operations in New York include Cresco Labs (OTCQX:CRLBF), Acreage Holdings (OTCQX:ACRDF) (OTCQX:ACRHF), Curaleaf (OTCPK:CURLF) and Green Thumb Industries (OTCQX:GTBIF).