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Long Island boasts the highest retail cannabis sales per store in New York State.
That’s according to the state’s Office of Cannabis Management (OCM). The OCM shared industry insights recently while meeting with the Long Island Association’s Economic Development & Infrastructure Committee in Melville. The event was part of an OCM office-hours tour.
At the event, OCM said that as of November 2024, Long Island accounted for 11 percent of statewide retail sales while representing 3 percent of dispensaries.
The presentation included the industry’s commitment to local sourcing and equity. All cannabis sold in New York’s legal market is grown within the state, and OCM puts a focus on social and economic equity in granting licenses.
The legal cannabis sector is projected to continue to grow, generating economic activity, creating jobs, and driving investment in infrastructure, supply chains and local professional services across Long Island, according to the LIA.
“This emerging industry holds incredible promise for Long Island’s economic growth,” Matt Cohen, LIA president and CEO, said in a news release about the presentation.
“With $1 billion in consumer retail demand statewide and ancillary benefits across the supply chain, legal cannabis presents an opportunity to grow businesses and generate revenues for local economies,” he added.
“The legal cannabis industry has driven economic growth and job creation across the state,” Felicia Reid, OCM acting executive director said in the news release.
But what is unique to Long Island is “how deeply its cannabis community has been a multiplying force for public health education, community connection and local reinvestment,” she said.
Reid described the meeting with the LIA and cannabis entrepreneurs as an opportunity for “an honest conversation about the challenges and opportunities of legal cannabis.”
She said that “Long Island’s rich agricultural and manufacturing histories, as well as its focus on business innovation, make it a potential powerhouse for New York cannabis.”
OCM, she said, “stands ready to be [a] partner and a resource to Long Island business as New York continues to lead the nation in its approach to legal cannabis.”
The LIA committee evaluates innovative ways to grow Long Island’s economy and create good-paying jobs. The committee also examines such issues as transportation, housing, real estate and transformative economic development projects, according to the LIA.
“As business leaders, it’s exciting to see how this emerging sector is benefiting our communities and strengthening the local economy,” Mike Maturo, chair of the LIA committee and president of RXR Realty, said in the news release. “The LIA remains committed to fostering collaboration and dialogue to ensure its success across Long Island.”
Others on the committee shared insights about the industry.
That includes Dan Deegan, co-vice chair of the committee and partner at Forchelli Deegan Terrana. Deegan said in the news release that the “legal cannabis industry is not just an economic opportunity, it’s a catalyst for innovation and community investment here on Long Island. As it grows, we have a unique chance to position Long Island as a leader in this emerging market.”
“Long Island’s success in the legal cannabis market demonstrates the potential of this industry to drive economic activity while prioritizing local sourcing,” Ming Chiang, co-vice chair of the committee and president of Casual Home Worldwide said in the news release. “We’re excited to see how it continues to contribute to Long Island’s economy.”
“}]] The legal cannabis sector is projected to continue to grow Read More
