New York's legal marijuana market is projected to exceed $1 billion in sales by the end of December 2023, following its legalization two years ago.

Sales have already reached $863.9 million, with significant growth observed since August when sales surpassed $500 million. The positive momentum in the market is attributed to enhanced enforcement measures and the closure of illegal shops, according to John Kagia, policy director for the state’s Office of Cannabis Management.

The number of licensed retail outlets has increased from 41 to 245, contributing to a thriving market environment. Tax revenue generated from retail marijuana sales has amounted to approximately $22 million for the state. Furthermore, a recent study suggests that New York has the potential to accommodate up to 1,000 new cannabis retail stores, indicating the growing demand for legal marijuana products among residents. The current average sales per resident are under $50, demonstrating the expanding reach of the legal cannabis industry in the state.