Cannabis Sales in New York State Are Booming, Say Dispensaries and Producers 

Cannabis dispensaries in New York State and large marijuana producers such as Tilray Brands are reporting strong sales this year. 

New York State opened its first recreational marijuana dispensary, Housing Works Cannabis, in New York City in December 2022. Since then 22 more have opened in the state, each averaging $200,000 to $400,000 in weekly sales according to estimates by Christopher Alexander, executive director of the state’s Office Of Cannabis Management, at a forum in East Islip Wednesday, Newsday reported. 

Strain Stars, a dispensary in Long Island, sees an average of 1,100 customers a day each spending around $100, according to the cannabis management office. 

The U.S. market for legal cannabis is expected to grow by 12% to $29.6 billion by the end of this year, according to a June report from the industry’s leading research firm, BDSA. Sales in New York State are expected to reach $631 million by the end of 2023, the firm said. 

Tilray Brands, based in New York City, reported a 21% increase in cannabis sales for the quarter ending May 31, to $64 million compared to $53 million in the same period the year prior, according to the company’s latest quarterly earnings report.