AGENCY TESTIMONY
Current and projected cannabis tax revenue collections
2:20:30
·
45 sec
The IBO provides information on current cannabis tax revenue collections and projections for future years.
- New York City collected $2.4 million in cannabis tax in fiscal year 2024
- IBO's most recent forecast predicts collections of $37 million by fiscal year 2028, higher than OMB's forecast of $30 million
- The legal market has grown from 12 licensed dispensaries in 2023 to over 50 opening so far in 2024
- Currently, there are around 80 licensed dispensaries operating in New York City
Alaina Turnquist
2:20:30
Cannabis tax revenue collections to date have fallen short of IBO's estimate, but IBO expects collections to increase in the years ahead.
2:20:38
As of the 2025 executive budget, New York City collected 2,400,000 in cannabis tax in fiscal year 2024.
2:20:46
IBIO's most recent estimate or most recent tax forecast predicts collections of 37,000,000 by fiscal year 2018, which is higher than IMO MB's forecast of $30,000,000 in that same year.
2:21:00
The legal market has grown dramatically so far in the current calendar year from 12 license dispensaries opening in all of 2023 to over 50 opening so far in 2024.
2:21:11
Currently, there are around 80 license dispensaries operating in New York City.
