Conquering The Big Apple's Cannabis Scene: Challenges And Opportunities Of Operating In NYC

After the overwhelming success of last year's 4/20 business event, the Benzinga Cannabis Capital Conference is returning to Miami beach April 11-12, 2023 with events taking place simultaneously on two stages at the historic Fontainebleau Hotel.

As part of celebrating individuals, entrepreneurs, and organizations doing amazing things in the cannabis industry, Benzinga will feature cannabis executives leading the way to the conquest of the NY cannabis market.

Adult-use legalization in the Empire State cleared safer access for patients and opened for business one of the most important cannabis markets in the world. With adult-use licenses expected to be issued in 2023, New York is projected to be the third largest market in the U.S. with a 21+ population of 15 million and sales reaching $2.8 billion by 2025.

BDSA, a global leader in providing actionable cannabis market intelligence, predicted in January, New York will be the largest new market for legal cannabis in 2023 and the second largest contributor to sales growth through 2026, following Florida.

“Consumer Insights data reveal strong growth within the state, with 45% of those surveyed claiming to be past six-month consumers, an approximate 17% increase in consumer penetration since fall 2021,” Roy Bingham, BDSA's CEO, told Benzinga in an exclusive interview. “An additional 27% of New York adults indicate they’re likely to consume in the future.”

According to BDSA, New Yorkers have a propensity for flower-based products. “Recent New York medical sales indicate that the vape category in New York’s adult-use market may account for a larger share of sales than in other newly minted adult-use markets,” Bingham said. In terms of branding, New York consumers are significantly more likely to purchase a product based on visually appealing, discreet, premium, resealable, or reusable packaging.

Given the fragmented nature of cannabis legislation in the country, every state represents a new regulatory environment. In this complex environment, it is important to count on the advice of local experts to navigate regulations and business networks.

Join us in April at the Benzinga Cannabis Capital Conference and stay at Miami Beach’s historic Fontainebleau Hotel. Don't miss out on a chance to hear about future market forecasts and worldly advice on investing and finance from those embedded in the cannabis industry. Are you ready?

Buy your tickets HERE before prices go up. Book your room HERE.

Photo by Florian Schneider on Unsplash.