When New York legalized adult-use cannabis in 2021, the Marihuana Regulation and Taxation Act set a goal that half of all licenses go to social and economic equity (SEE) applicants. Those include people from communities hit hardest by past enforcement, minority- and women-owned businesses, distressed farmers and service-disabled veterans. Five years in, the state says it is above that goal, and its latest data let us check what that looks like across the supply chain.
The numbers, corrected and updated
On March 27, 2026, Governor Kathy Hochul's office reported that 56 percent of adult-use licenses across the supply chain had gone to SEE applicants, "exceeding the State's statutory goal." Of those SEE licenses, 57 percent went to women-owned businesses and 51 percent to minority-owned businesses. A license can count in more than one category. An earlier version of this story said 55 percent, about 50 percent and 47 percent. The women-owned figure in particular was wrong, and all three are now updated.
OCM's October 1, 2026 board presentation has the latest picture: 56 percent of all 2,351 adult-use licenses issued are SEE-owned, with minority-owned at 52 percent and women-owned at 57 percent. "New York's cannabis market is demonstrating that growth and equity are not mutually exclusive," OCM Executive Director John Kagia said in March.
The same deck breaks SEE licenses down further. Besides the minority- and women-owned shares, 16 percent involve owners from communities disproportionately impacted by past cannabis enforcement, 7 percent are service-disabled veterans and 6 percent are distressed farmers. Because one license can qualify in several categories, these shares add up to more than 100 percent. The October figures are a snapshot of licenses issued, not of businesses actually open, which is a different and smaller number.
Where equity is strongest, and weakest
The overall average hides big differences by license type. Per the October deck, SEE businesses hold:
- 73 percent of adult-use retail dispensary licenses
- 58 percent of microbusiness licenses
- 50 percent of processor licenses
- 46 percent of cultivator licenses
- 46 percent of distributor licenses
In other words, equity ownership is concentrated at the storefront, and much thinner in growing and distribution, the capital-heavy middle of the supply chain. OCM's September deck adds a warning sign: of the licensed growers not yet operating as of August 2026, 55 percent were SEE licensees.
How New York got here
The equity-first approach shaped the launch. The first retail licenses went to Conditional Adult-Use Retail Dispensary (CAURD) applicants, many with past cannabis convictions, or their family members, and the first legal store opened in December 2022. The March release said 342 CAURD licensees had been approved and 86 percent of CAURD dispensaries were open. That approach also brought lawsuits, slow openings and a long stretch where unlicensed shops outpaced legal ones. Courts have since shaped the program's details, including a ruling on sole-control rules for equity licensees.
How equity stores are doing
Store-level sales data now offer an early answer to whether these businesses can survive. OCM's October presentation shows average annualized sales in September 2026 of about $3.3 million for CAURD stores and $2.2 million for other SEE stores, compared with $1.8 million for non-equity adult-use stores and $5.3 million for stores run by medical registered organizations.
The pressures are real, though. Average adult-use prices fell about 8 percent from January to September 2026. In September, OCM lowered its 2026 statewide sales forecast from $2.6 billion to $2.0 billion. And every adult-use business still faces the federal 280E tax rule. The state is putting money behind its operators: the March release announced $17 million for SEE initiatives in 2026, and we covered a separate $6 million bet on equity operators.
Shoppers who want to support these businesses can find licensed dispensaries on High Today. Many licensed stores are SEE-owned.
Update: October 2026
At its October 1 meeting in Rochester, the Cannabis Control Board approved 14 more adult-use licenses, 64 percent of them SEE-owned, and the overall SEE share held at 56 percent. The board also extended the deadline for provisional CAURD and adult-use licensees to meet final licensing requirements to December 31, 2028, up from the end of 2026, giving struggling equity applicants more time to find real estate and financing.
OCM is also forming an SEE Cultivation Working Group to address barriers facing equity growers and microbusinesses. Interest forms are open from October 1 through November 6, 2026, and up to 11 members will be selected. The cultivation gap is the number to watch. Equity ownership is strong in retail, and the next test is whether it can reach the farms and processors that supply those stores.
Educational only, not financial advice. For adults 21+.