New York

Market Map

New York
Cannabis Market

New York Cannabis Market At-A-Glance

Overall Rating: A-

The New York cannabis market is projected to be the ‘California of the East’ despite its size. Cannabis in New York is projected to not only have a national impact, but a global one as well because New York is one of the most visited cities in the world.

Medical Use: Yes

Adult Use: Yes

Market Potential

The New York cannabis market is expected to be equivalent to California’s cannabis market. There is great potential for social equity applicants.

Licensing

Since vertical integration is required, the licensing fees are extremely high.

Competition

B-

Competition in New York is expected to be rather high due to the state’s population size and density.

Tax/Regulatory Structure

The tax structure is low compared to other legalized states. The Office of Cannabis Management will be taking over the medical cannabis market and will incorporate the adult-use market.

New York Cannabis Details

Population (Rank)

19,450,000

Size/Density

421 sq. miles

Medical Cannabis?

Yes

2014

Adult-Use Cannabis?

Yes

2021

2020 Medical Sales

2022 Projected Medical Sales

$219,000,000

$504,000,000

+130%

2020 Adult Use Sales

2022 Projected Adult Use Sales

Regulatory Agency

New York State Department of Health (medical) and Office of Cannabis Management for adult-use and medical once regulations come into effect

https://cannabis.ny.gov

# of Dispensaries (allowed/issued)

Registered Organization Licenses - 40 storefronts currently open for medical cannabis

# of Cultivators (allowed/issued)

NA – Encompassed by dispensary

# of Manufacturers (allowed/issued)

# of Testing Labs (allowed/issued)

Vertical Integration?

Required

Residency Requirements?

Not Required

Social Equity?

Yes

Cannabis Taxes

Combined Tax Rate

13%

Excise Tax

Retail Sales Tax

Retail: 9% | Medical: 7%

Local Sales Tax

State Sales Tax

Recreational: 9% | Medical: 7%

Cultivation Tax

Licensing Fees (per year)
^{*Varies based on gross revenue}

Registered Organization Registration Fee

$200,000

Registered Organization Application Renewal Fee

$200,000

Application Fees

Registered Organization Application

$10,000

Registered Organization Application Renewal