New York Legal Cannabis Market Projections by Cultivation Methods

The New York legal cannabis market size was valued at USD 1.16 billion in 2023 and is projected to reach USD 3.22 billion by 2030, expanding at a CAGR of 15.3% from 2024 to 2030. Market growth is being driven by the increasing acceptance of cannabis for medical purposes and its legalization for recreational use. In March 2021, New York State enacted the Marijuana Regulation & Taxation Act (MRTA), which legalized adult-use cannabis. This legislation established the Office of Cannabis Management (OCM), regulated by the Cannabis Control Board, to oversee and implement the law. The act has strengthened cannabis supply chain monitoring and compliance across the state.

Rising awareness of the therapeutic benefits of medical cannabis has resulted in a growing number of registered healthcare practitioners in New York who prescribe cannabis-based treatments, further driving market expansion. Additionally, the increasing legalization and acceptance of medical cannabis products continue to support growth. For example, the U.S. Food and Drug Administration (FDA) has approved Marinol and Syndros—cannabis-derived drugs—for treating chemotherapy-induced nausea and AIDS-related anorexia.

The legalization of cannabis is also expected to significantly boost state revenue, create employment opportunities, and curb illegal cannabis trade. In 2022–2023, cannabis-related application fees, license fees, and tax collections generated nearly USD 16.3 million. Of this, the Cannabinoid Hemp Program contributed about USD 1.1 million, the Adult-Use Cannabis Program added around USD 3.6 million, and the Medical Cannabis Program generated more than USD 11.6 million in revenue.

Key Market Insights:

• By source: The marijuana segment held the highest revenue share in 2023 and is forecasted to record the fastest CAGR of 16.3% over the projection period.
• By derivatives: The CBD segment led the market with a 62.1% revenue share in 2023, supported by growing demand for CBD-infused oils, beverages, gummies, capsules, beauty products, and more.
• By cultivation: Indoor cultivation accounted for the largest revenue share of 56.8% in 2023 and is expected to grow at the fastest rate throughout the forecast period.
• By end-use: Recreational use dominated the market in 2023 with a 65.7% revenue share and is anticipated to maintain the fastest growth trajectory.

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Market Size & Forecast

• 2023 Market Size: USD 1.16 Billion
• 2030 Projected Market Size: USD 3.22 Billion
• CAGR (2024–2030): 15.3%

Key Companies & Market Share Insights

Growing demand for cannabis-infused foods, beverages, and cosmetics is encouraging new players to enter the market. Leading companies are focusing on mergers & acquisitions, strategic partnerships, collaborations, and product launches to expand their footprint.

Key Players

• Curaleaf Holdings, Inc.
• New York Hemp Oil
• COOKIES CREATIVE PRODUCTIONS & CONSULTING, INC.
• Acreage Holdings
• Cannabist Company Holdings Inc.
• Cresco Labs
• PharmaCann Inc.
• Vireo Health International, Inc.
• Green Thumb Industries (GTI)

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Conclusion

The New York legal cannabis market is on a rapid growth trajectory, fueled by progressive legalization, rising medical adoption, and increasing consumer demand for cannabis-based products. With supportive regulations, expanding cultivation, and strong investments from key industry players, the market is expected to deliver significant economic benefits, including job creation and tax revenues. As awareness and acceptance continue to rise, New York is positioned to become one of the leading cannabis markets in the U.S.