State of the Long Island Nonprofit Industry
Kevin Oklobzija of The Rochester Business Journal //January 6, 2025//
(Photo illustration by PromesaStudio/Depositphotos)
New York’s $1 billion in cannabis sales means $150M for the state
(Photo illustration by PromesaStudio/Depositphotos)
Kevin Oklobzija of The Rochester Business Journal //January 6, 2025//
Legal cannabis sales have surpassed $1 billion in retail sales in New York, which has provided the state with nearly $150 million in tax, fee and fine revenue over the past two fiscal years.
Gov. Kathy Hochul trumpeted the $1 billion milestone as “a testament to the hard work of those who helped build the strongest cannabis industry in the nation, one that prioritizes equity, ensures public safety and empowers communities.”
New York has issued 5,250 licenses, permits and registrations connected to the industry, including 569 conditional retail dispensary licenses, 448 retail dispensary licenses, 185 distributor licenses and 272 microbusiness licenses. There are 269 retail dispensaries open for business.
The state reported $80.2 million in tax, fee and fine revenue for Fiscal Year 2023-24, and another $67 million in the first half of Fiscal Year 2024-25.
“The tax revenue generated by this thriving industry directly supports our Community Reinvestment Grant Program, ensuring that communities disproportionately impacted by cannabis prohibition receive critical investments,” Cannabis Control Board Chairwoman Tremaine Wright said in a news release. “This is only the beginning of what’s possible when we invest in an inclusive and well-regulated industry.”
More than half of licenses have been issued to Social and Economic Equity participants, with significant representation from minority- and women-owned businesses, the governor’s office said.
“New York’s cannabis industry was designed with a focus on equity and opportunity,” Wright said. “By prioritizing Social and Economic Equity applicants, we’re creating a market that uplifts communities and fosters meaningful economic impact across the state.”
[email protected]/(585) 653-4020
Share this!
Drivers took to social media to rail against the new toll where most will pay $9 to enter Manhattan south of 6[…]
January 6, 2025
A long-awaited federal ruling on congestion pricing did little to end the drama, as the controversial toll pre[…]
January 3, 2025
The merger took effect Jan. 1
January 2, 2025
Newly married and sworn as a Naval officer, Jimmy Carter left his tiny hometown in 1946 hoping to climb the ra[…]
December 30, 2024
Jimmy Carter, the peanut farmer who won the presidency in the wake of the Watergate scandal and Vietnam War, e[…]
December 30, 2024
The funding is part of $3 million awarded to 15 communities across New York State
December 27, 2024
Here are some ways changing interest rates can affect your real estate purchases[…]
Decarbonizing building operations and manufacturing requires a transformation in[…]
In capital-intensive industries, growth often hinges on the ability to secure fi[…]
Sign up for your daily digest of Long Island Business News.
Listen to this article Long Island Business News has announced the winners of this year’s 2025 Hea[…]
In following up to our previous In the Lead section focusing on women-owned businesses, we’d like […]
Veterans Day is a significant observance that honors those who have served in the United States Arme[…]
In this special section, “Long Island Business Most Influential Long Islanders, 2024,’ we salute[…]
Listen to this article Long Island Business News has announced this year’s Class of 2024 Hall of F[…]
The survey was launched to shed light on the future plans of developers to build more housing here.
The 6,826-square-foot building is on .17 acres.
Hamptons home sales increased by 21 percent year over year.
The 10 priciest home sales ranged from $7.508 million to $21 million.
The new-to-Long-Island businesses included restaurant chains, food stores, entertainment venues and […]
Long Island leaders reveal their predictions for the year ahead
3/1/2025
A look back at 2024’s biggest stories in Long Island real estate
27/12/2024
Mergers, shifts in leadership and more–a look at 2024
27/12/2024
DeRiggi-Whitton: Coming together to fight hunger in Nassau County
26/12/2024
Romaine: A year of progress: building a safer, more affordable Suffolk County
26/12/2024
Our mission at Long Island Business News is to be the vital business news and advertising source to Long Island’s most influential readers.
Get our free LIBN e-alerts & breaking news notifications!
Subscribe for access to the latest digital and special editions.
© 2025 BridgeTower Media. All rights reserved.
Use of this website is subject to its Terms of Use | Privacy Policy | Your California Privacy Rights/Privacy Policy | Do Not Sell My Info/Cookie Policy
