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Industry Yacht Party, Liberty Island, 2022
By CWCBExpo

NY and NJ Markets Continue to Expand 

Each month, Cannabis World Congress & Business Exposition (CWCBExpo) offers a convenient roundup of the biggest cannabis news stories and hemp headlines emerging across the nation. Get these updates in your inbox by subscribing to our email newsletter, or follow us on Instagram, LinkedIn, Facebook, or Twitter (now X) to get the most recent edition when it’s published.

Step into the final stretch of 2023 with our December regional cannabis news update. The edition spotlights a game-changing decision by New York’s Cannabis Control Board, as well as the flourishing market in New Jersey. As we close out the year, witness the expansion of markets across the Northeast as we unpack the details of some of the most pivotal moves in our area. 

MSOs approved to enter the New York adult use market

Following the state’s Supreme Court decision on December 1st to lift an injunction hindering the issuance of new Conditional Adult-Use Retail (CAURD) Licenses, the Cannabis Control Board (CCB) in New York has officially given the green light to multistate operators (MSOs) with medical marijuana licenses to enter the adult use market on December 29th, 2023. 

The decision comes exactly one year after the state launched recreational sales. Thus far, the CCB approved the following six organizations to join the adult use market: 

  • Columbia Care NY, whose parent is New York-based MSO The Cannabist Co.
  • Curaleaf NY, part of New York-headquartered MSO Curaleaf Holdings
  • Etain, owned by RIV Capital, a Toronto-based investment firm
  • NYCanna, part of New York-headquartered MSO Acreage Holdings
  • PharmaCann of New York, whose parent is Chicago-based MSO PharmaCann
  • Valley Agriceuticals, whose parent is Chicago-headquartered MSO Cresco Labs

While the waiting period had been adopted to provide a first-to-market advantage to social equity retailers and smaller supplies, gears have shifted in an effort to expand retail options as hundreds of unlicensed shops continue to plague the market. 

These six companies will eventually be permitted to set up co-located adult-use sales at up to three of their existing medical dispensaries. For the time being, however, each was approved for a single shop that can open by the end of the month. The CCB also approved new medical-only locations for both Citiva and Fiorello. 

New Jersey sales increase as prices drop 

New Jersey cannabis sales are stacking up high, as the recreational market recorded $206.1 million for Q3 2023. This brings the state’s total legal market revenue for the year to $762.9 million. The New Jersey Cannabis Regulatory Commission (CRC) reported a 10% increase in sales in the same quarter, from the $160.2 million in adult use cannabis revenue generated from April through June. 

According to CRC Executive Jeff Brown, consumers are attracted to the licensed marketplace, which includes 70-plus adult-use dispensaries statewide. As a result, prices for products are starting to come down. The average flower price dropped to roughly $354 per ounce at adult-use retail, representing a 10.5% decrease from January’s average price of $396. 

“New Jersey’s market continues to grow,” Brown said during the commission’s regular meeting on Dec. 7th. “For the first time in history, legal cannabis sales in New Jersey eclipsed $200 million in the third quarter of 2023. That includes just shy of $177 million of adult-use sales and just shy of $30 million of medicinal sales.”

New Jersey’s adult-use sales accounted for nearly 86% of all sales for the third quarter of 2023. The state’s medical market continues to shrink due to expanded opportunities for consumers.

More dispensaries are opening across New York 

Gov. Kathy Hochul (D-NY) has announced the opening of one dozen new adult-use dispensaries from Brooklyn to Buffalo. By the end of December 2023, the state anticipates having at least 37 adult-use dispensaries open for businesses. Among the opening locations, eight are majority Black-owned, five are Hispanic-owned, and nine are woman-owned.

“As New York expands the most equitable cannabis market in the nation, my administration remains committed to building a safe industry for all New Yorkers that will grow our small business community,” Governor Hochul said in a press release. “These new dispensaries continue our mission of strengthening our legal market while at the same time helping to push out the bad actors who skirt our laws and undermine all we are trying to accomplish.”

Below is a list of the dispensaries that have recently opened or are set to open this month. Opening dates are subject to change: 

  • Hush – 2460 Williamsbridge Road Fl 1, Bronx 10469, (Opened on Thursday, Dec. 14, 2023)

  • Grow Together – 2370 Coney Island Ave., Brooklyn 11223, (Opened Tuesday, Dec. 19, 2023)

  • Dagmar Cannabis – 412 W Broadway, New York 10012, (Opening on Friday, Dec. 15, 2023)

  • THC Herbal Care – 1412 Lexington Ave., New York 10128 (Tentative opening, Jan. 4, 2024)

  • Happy Days – 105 Route 109, Farmingdale 11735 (Tentative opening on Saturday, Dec. 23, 2023)

  • Elevate – 127 S Terrace Ave., Mount Vernon 10550 (Opened on Monday, Dec. 11, 2023)

  • The Highest Peak – Village of Potsdam, 5 Market St., Potsdam 13676 (Opened on Thursday, Dec. 7, 2023)

  • The Firehaus – 7479 US Highway 11, Potsdam 13676 (Opened Wednesday, Dec. 13, 2023)

  • 420 Bliss – 740 Hoosick St., Brunswick 12180 (Opened on Thursday, Dec. 7, 2023)

  • Capital District Wellness – 997 Central Ave. Suite 200, Albany 12205 (Opened on Friday, Dec. 8, 2023)

  • Amsterdam Cannabis – 1451 State Highway 5S, Amsterdam 12010 (Opened on Friday, Dec. 9, 2023)

  • Premier Earth Corp – 1297 Hertel Ave., Buffalo 14216 (Opened on Wednesday, Dec. 13, 2023)

  • MJ Dispensary – 900 Jefferson Rd Ste 902, Rochester 14623 (Opened on Tuesday, Dec. 12, 2023)

Embrace growth with CWCBExpo

December marks a transformative period for the Northeast’s cannabis landscape. As we bid farewell to 2023, the region is poised for continued growth and innovation. Stay up to date with our latest updates and join us for insightful discussion at our upcoming in-person conferences – where the pulse of the industry will continue to beat strong in the new year.  

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By CWCBExpo

Dispensaries Can’t Have Sales in NY. What Can You Do Instead?

The cannabis industry in New York is subject to some strict regulations, especially when it comes to running promotions and offering discounts. While businesses in other industries use sales and similar promotions to capitalize on the influx of holiday shoppers, cannabis retailers are unable to do the same. So, what can you do during the holiday season when plenty of shoppers are likely looking for gifts for cannabis-consuming friends and family? It’ll take some creative thinking, but there are solutions.

What are the regulations regarding sales and promotions?

In New York state, licensed cannabis businesses are prohibited from advertising sales or promotions based on the regulations set forth by the New York Office of Cannabis Management (OCM). This includes giveaways, discounts, and customer loyalty programs.

The precise language of guidance issued by the OCM is as follows:

Licensees cannot give away, including through donation, any cannabis products. Licensees cannot advertise giveaways, discounts, price reductions, points-based reward systems, or customer loyalty programs including, but not limited to, by using the words “sale”, “free”, “price drop”, or “discount” on a menu, in any communications to customers, or elsewhere. This does not prohibit licensees from changing the price of cannabis products or otherwise “discounting” products.

Of course, this doesn’t mean retailers are unable to change the pricing of their products — you just can’t advertise the discount, which sort of defeats the purpose from a marketing perspective. However, reducing prices and other clever sales tactics can still offer a benefit to your customers and your sales numbers.

5 promotions to try when you can’t have a sale

Although you’re not able to advertise holiday sales to your audience — or any other sales for that matter — there are still some reasons you may want to reduce pricing as holiday shopping shifts into high gear. Additionally, there are some ways you can use to remain compliant with New York state law while availing your customers to wallet-friendly options. These five tips can help you drive business and ensure your customers have truly happy holidays at your dispensary.

1.    Feature your best-selling and most profitable products

You don’t have to necessarily advertise price drops or discounts to bring in customers. Feature your best-selling products or those with the highest profit margin in your marketing materials as the holiday season approaches. These products may be enough to bring customers in and drive more sales of your most lucrative products without running afoul of New York state law.

2.    Bundle products together based on a theme

The holiday season could be a great time to pair some items together based on a theme, such as items that offer a similar effect or those that complement each other nicely. For example, you could offer a “DIY R&R” bundle that contains a stress-busting strain, topical products that ease aches and pains, and edibles that help with relaxation.

Pricing these bundles advantageously compared to purchasing each product inside individually could incentivize customers to buy multiple products instead of just one or two. They also serve to showcase the wide variety of cannabis products your dispensary has on hand. Who knows? Some of your customers may discover their new favorite product this way and come back for more in the future. Consider bundling new products or ones you expect to make a big splash as a way to get the word out about them.

3.    Advertise cannabis delivery services

There’s no rule against advertising your cannabis delivery services, and holiday shoppers are often short on time. Let them know that you can bring their gift purchases directly to them when they place an order for delivery. That’s one less stop they’ll need to make during the busy holiday season and they’ll be grateful to your brand for helping them out. It’s also a great way to let people know that your dispensary delivers cannabis, which is a relatively new offering for New Yorkers. Taking advantage of the holiday season to spread the word could result in more sales to a wider area in the new year too.

4.    Promote the product types shoppers look for during the holidays

Understanding how shoppers interact with cannabis dispensaries ahead of the holiday season is critical to success. While the biggest cannabis sales days of the year — 4/20 and Green Wednesday — are in the rearview mirror, there’s still time to make one last push before the year’s end.

According to data from Headset, the week before Christmas is a big shopping week in the cannabis industry. Expect shoppers to go for cannabis flower and vape products the most, as they usually do. However, you’re likely to see significant increases in the amount of topicals, cannabis beverages, and edibles. So push these products to make the most of the holiday rush — even though it’s cold outside, these product types are likely to be hot.

5.    Showcase holiday-themed products

There’s no shortage of products that fit the theme of the holiday season. Whether it’s an edible in holiday-inspired packaging, a product flavor like peppermint or cinnamon that matches the winter weather, or a frosty-named strain, these products have obvious links to the winter holidays without ever advertising a sale.

Take advantage of the holiday season for your cannabis dispensary

The holiday season is a busy time of year for retailers everywhere, and just because dispensaries can’t have sales doesn’t mean there isn’t plenty of opportunity. By considering the tips above, you can make the most out of the holiday season, driving more sales, boosting customer satisfaction, and refining your strategy for the new year.

June 4 - 5, 2025

Javits Convention Center

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