NYC pot market will yield $1.2 billion in sales — after 2030

📆 8/24/2023 8:50 PM
📰 nypost

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The long wait for the bud bucks to finally bloom is due to the current slow rollout of the opening of pot stores, of which only a handful of legal shops have opened, a new analysis released Thursda…

The city collects a 4% cannabis excise tax on each sale of ganga. The state collects a 9% excise tax plus a potency tax on the distribution of cannabis.

IBO said that such market growth is possible — only if an average of 24 dispensaries opens per year, with each store making an average of $8.1 million in annual sales.But IBO also said that if the current slow growth patterns continue the city will not reach $950 million in annual sales until after 2030.

IBO said an estimated 1,500 unlicensed weed stores may hold as much as $484 million worth of untaxed cannabis products in total.

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