The New York legal cannabis market size is expected to reach USD 3.22 billion by 2030, registering a CAGR of 15.3% from 2024 to 2030, according to a new report by Grand View Research, Inc. Factors such as the legalization of medicinal cannabis, rising consumer disposable income, increasing consumer awareness of the health benefits of cannabis, growing demand for cannabis from the pharmaceutical industry, and the approval of the U.S. Farm Bill are expected to boost market growth.

Cannabis is utilized for managing a range of ailments, including mental health issues, cancer, nausea, and pain, and for adult use purposes. The increasing prevalence of cancer is expected to significantly contribute to the increasing acceptance of medical marijuana over the forecast period. For instance, according to data published by the Government of New York, annually 116,000 New Yorkers are diagnosed with cancer.

The growing awareness among people regarding the therapeutic benefits of cannabis and the rise in cannabis certification educational and training programs fuel market growth. For instance, the travelling training program is a part of the New York State Cannabis Workforce Initiative. It's a collaboration between Cornell University's School of Industrial & Labor Relations and the non-profit Workforce Development Institute, which is partly funded by the state. This program has successfully educated hundreds of individuals in the fundamental aspects of the cannabis industry.

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Moreover, the increase in research activities related to cannabis is driving the market growth. In August 2023, regulations for Cannabis Research Licenses were implemented. These regulations allow licensed researchers to cultivate, process, purchase, and possess cannabis for the purpose of testing its composition levels and chemical potency, studying the safety and effectiveness of cannabis as a medical treatment, conducting agricultural or genomic research, as well as carrying out clinical studies of cannabis-derived drug products.

New York Legal Cannabis Market Report Highlights

• Based on source, the marijuana segment accounted for the largest revenue share in 2023, owing to the growing research studies on cannabis for its medical use

• Based on derivatives, the CBD segment dominated the market with the largest revenue share in 2023, owing to the growing adoption of CBD-infused medication, food, and cosmetics

• Based on cultivation, the indoor cultivation segment accounted for the largest revenue share in 2023, owing to favorable government regulations and a rise in the number of cannabis cultivators

• Based on end-use, the recreational use segment held the largest market share in 2023 due to the rise in the number of consumers adopting cannabis consumption in the form of smoking and vaping

List of Key Companies in the New York Legal Cannabis Market

• 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)

Order a free sample PDF of the New York Legal Cannabis Market Intelligence Study, published by Grand View Research.