Long Island Association Hosts New York State Office of Cannabis Management to Discuss Economic Impacts of Legal Cannabis Industry

 
Melville, NY – The Long Island Association (LIA) Economic Development & Infrastructure Committee hosted an insightful discussion featuring Felicia A.B. Reid, Acting Executive Director of the New York State Office of Cannabis Management (OCM), and her team. This event explored the progress and economic potential of New York’s legal cannabis industry and how this nascent industry has supported small businesses on Long Island. The LIA event was part of the statewide “Office Hours” tour that OCM is holding.
 
The event highlighted several key insights into the growing cannabis industry, specifically in Nassau and Suffolk Counties. Long Island has emerged as a leader in the state, boasting the highest retail sales per store of any region. As of November 2024, Long Island accounted for 11% of statewide retail sales while representing just 3% of dispensaries.
 
The presentation also underscored 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 prioritizes social and economic equity in granting licenses. The legal cannabis sector is projected to continue to grow, generating substantial economic activity, creating jobs, and driving investment in infrastructure, supply chains, and local professional services across Long Island.
 
Matt Cohen, LIA President & CEO said, “This emerging industry holds incredible promise for Long Island’s economic growth. 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.”
 
Felicia A.B. Reid, Acting Executive Director of the Office of Cannabis Management said, “The legal cannabis industry has driven economic growth and job creation across the State. But what is uniquely Long Island cannabis is how deeply its cannabis community has been a multiplying force for public health education, community connection, and local reinvestment. It was an honor to sit down with the Long Island Association and cannabis entrepreneurs for an honest conversation about the challenges and opportunities of legal cannabis. 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 stands ready to be partner and a resource to Long Island business as New York continues to lead the nation in its approach to legal cannabis.”
 
Mike Maturo, Chair of the Economic Development & Infrastructure Committee and President of RXR Realty said, “As business leaders, it’s exciting to see how this emerging sector is benefiting our communities and strengthening the local economy.
The LIA remains committed to fostering collaboration and dialogue to ensure its success across Long Island.”
 
Dan Deegan, Co-Vice Chair of the Economic Development & Infrastructure Committee and Partner at Forchelli Deegan Terrana said, “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.”
 
Ming Chiang, Co-Vice Chair of the Economic Development & Infrastructure Committee and President of Casual Home Worldwide said, “Long Island’s success in the legal cannabis market demonstrates the potential of this industry to drive economic activity while prioritizing local sourcing. We’re excited to see how it continues to contribute to Long Island’s economy.”
 
The LIA’s Economic Development and Infrastructure Committee evaluates innovative ways to grow Long Island’s economy and create good-paying jobs, and examines issues including transportation, housing, real estate, and transformative economic development projects.
 
About the Long Island Association (LIA): The LIA is the region’s leading non-profit and non-partisan business organization since 1926 and amplifies the voice of the business community. The LIA works to ensure the region’s economic vitality.
 
Long Island’s future is our business. www.longislandassociation.org