According to the Office of Cannabis Management (OCM), sales of cannabis in New York are expected to hit $1 billion by the end of the year.
On Green Wednesday, the day before Thanksgiving, weekly sales reached a record $29 million, and the state’s 264 adult-use shops have already earned $918.7 million.
The Cannabis Advisory Board (CAB) recently suggested giving 1,600 retail dispensary licenses to help the market expand. The chairman of the New York State Cannabis Advisory Board, Joseph Belluck, stated, “According to the OCM, the Community Reinvestment Grant Program’s new application deadline is 5:00 PM on Wednesday, December 18, 2024.”
The initiative hopes to use cannabis tax revenue to award $5 million in public grants to groups that support youth workforce development, housing, and mental health (demanding issues of NYC).