New York Cannabis Market Size Is Expected To Reach USD 7.45 Billion By 2030


 San Francisco, 17 December 2024: The Report New York Cannabis Market Size, Share & Trends Analysis Report By Product (Flowers, Oils and Tinctures), By Source (Hemp, Marijuana), By End Use (Medical, Recreational, Industrial), By Region, And Segment Forecasts, 2024 - 2030

The New York cannabis market size to reach USD 1.7 billion by 2030 and is projected to grow at a CAGR of 16.9% from 2024 to 2030. The MRTA act has established a framework for the legal sale of adult-use cannabis, encompassing licensing, taxation, and distribution requirements. This framework is not limited to recreational purposes, but also defines the conditions for market development. Furthermore, programs aimed at licensing individuals from affected communities will promote participation and inclusivity in the market.

The authorized retailers’ growth in 2024 is expected to increase the accessibility of cannabis products, thereby posing a threat to the black market. As the number of dispensaries increases, consumers will be redirected to the legal markets, driven by the availability of a wider range of products. Moreover, the constant efforts by state authorities to crack down on unauthorized outlets will further legitimize the market, leading to increased sales in legal markets.

In New York, where cannabis has been legal for some time, the acceptance of cannabis for medical and recreational use has been growing. This cultural shift is likely to increase the number of cannabis users, provided that such processes are not banned by law. The framework of medical marijuana can serve as a basis for establishing the recreational market, with many licensed operators already active in medical marijuana sales poised to transition to adult-use sales.

Access Research Report of New York Cannabis Market @ https://www.grandviewresearch.com/industry-analysis/new-york-cannabis-market

The cannabis industry is expected to generate significant revenue and employment opportunities. Non-flower products such as edibles, oils, and tinctures cater to different consumer segments and usage patterns. The industry’s growth will also generate taxes that can be allocated to state projects that benefit the public. Furthermore, the industry is expected to create substantial employment opportunities in manufacturing, processing, marketing, and production sectors. For instance, in 2023, the New York State Supreme Court authorized the launch of 23 cannabis stores, while the Office of Cannabis Management reported the presence of 161 adult-use dispensaries in the state in 2023. As the industry continues to evolve, it is essential for retailers and manufacturers to adapt to changing consumer trends and regulatory frameworks to remain competitive.

Recent Developments

  • In August 2024, Curaleaf announced the appointment of Executive Chairman Boris Jordan as Chairman and CEO, replacing outgoing CEO Matt Darin, who will retire but remain as a special advisor until year-end.
  • In July 2024, New York Governor Kathy Hochul announced the state’s efforts to boost the cannabis industry, issuing 109 additional licenses for adult use and reforming regulations to promote responsible growth.
  • In January 2024, iAnthus Capital Holdings, Inc. partnered with Grön Edibles to bring the renowned, woman-owned edible brand to the New Jersey market, launching Grön’s Sugar-Coated Pearl gummies in state dispensaries.
  • In January 2024, Acreage Holdings launched its adult-use operations in New York, making its “The Botanist” products available for wholesale purchase to eligible dispensaries.

Key Companies & Market Share Insights

Some key companies in the New York cannabis market include Etain; Acreage Holdings; The Cannabist Company; Cresco Labs Inc.; and Curaleaf; among others. Owing to increasing competition, market participants have been implementing tactics and strategies such as new product launches, enhanced distribution, new product launches, geographical expansion and more.

  • Acreage Holdings LLC is a prominent player in the cannabis industry, primarily based in the New York. The company operations embody various factors of the cannabis supply chain, including cultivation, processing, distribution, and retail sales.
  • The Cannabist Company, previously called Columbia Care, is a prominent participant within the cannabisindustry headquartered in New York, focusing on the cultivation, manufacturing, and distribution of cannabis products.

Key New York Cannabis Companies:

  • Etain
  • Acreage Holdings
  • The Cannabist Company
  • Cresco Labs Inc.
  • Curaleaf
  • Hemp Farms of New York
  • iAnthus Capital Holdings, Inc.
  • PharmaCann Inc.
  • VIREO HEALTH INTERNATIONAL, INC.
  • NOWAVE

About Grand View Research

Grand View Research is an India & U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services.

For More Information: https://www.grandviewresearch.com/horizon

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