New York's cannabis industry is witnessing significant financial growth, with tax revenues expected to reach $161.8 million for the fiscal year ending March 31, 2024, up from $43.3 million in the previous year. Projections indicate revenues could increase to $248 million for 2025 and grow further to $374 million by 2029. Revenue from cannabis taxes supports education and community reinvestment programs, addressing areas affected by cannabis prohibition. Improvements in law enforcement and the legal market rollout are helping tackle the illegal market and enhance retail operations.
Since then, law enforcement officials ramped up their inspections and closures of illicit weed operators under a new state law, and court cases that held up the opening of new legal cannabis dispensaries were resolved.
State budget officials predict the revenues will then grow to $339 million in FY 2027, $363 million in 2028 and $374 million by 2029, based on expansion of the legal market.
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