New York Cannabis Sales Exceed $260M During First 2 Quarters of 2024 - Ganjapreneur | How to buy Skittles Moonrock online

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New York Cannabis Sales Exceeded $260M in the First 2 Quarters 2024 – Ganjapreneur (19459000)

Mon / Aug. 26th

By: TG Branfalt

According to the Office of Cannabis Management, cannabis sales in New York exceeded $260 million in the first half of 2024. The third quarter is on track to surpass previous quarters.

The full story is below the jump.

John Kagia (Policy Director at the Office of Cannabis Management, OCM) told reporters that cannabis sales in New York had topped $260 million for the first two quarters of 2019. News10 The third quarter sales are on track to surpass the second quarter. Kagia said that the state collected $23 million in cannabis tax from the second quarter.

“This is a benefit that jurisdictions who have legalized or approved cannabis business to operate in their jurisdictions can enjoy. The state applies a 13% tax to all cannabis products sold. 9% of these monies go to state, but 4% are returned to the municipalities in which the transactions were made.” — Kagia on News10

Since cannabis sales began, $5.9 millions has been distributed to local government in upstate. New YorkLong Island received $3.2 million and New York City $4.5 million.

Since adult-use marijuana was legalized, officials have been working to shut down shops that were selling cannabis without a licence. Over the last three month, OCM reports, the state has closed more than 1,000 of these shops.

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