New York just posted its biggest cannabis quarter ever, but prices keep sliding

New York's legal market logged $512.6 million in third-quarter sales, topping the prior record of $503.7 million set in Q4 2025. That brings 2026 to $1.41 billion through September and program-to-date sales above $4.1 billion.

The quarter was steady more than explosive: $173.7 million in July, $171.1 million in August and $167.8 million in September. Adult-use made up $163 million of September sales, with medical at $4.8 million.

Growth is coming from more doors. The state has licensed 1,039 adult-use retailers, and 735 recorded sales, up from 685 in June. Meanwhile the average price slid from $30.07 in January to $27.64 in September, and sales per store held at roughly $2.7 million annualized.

The takeaway for operators is that volume is rising by splitting the pie more ways, not by lifting revenue per shop. Flat per-store sales with falling prices means margin pressure, and the new licenses on the way will make it tighter.