Multi-State Players Curaleaf, PharmaCann Target Growth In New York
January 30, 2024After a slow launch, hamstrung by licensing delays and lawsuits, New York’s adult-use cannabis market is seeing investment from multi-state operators, with billion-dollar player Curaleaf as well as PharmaCann both entering the adult-use market and telling SNDC they see opportunity ahead.
Earlier this month PharmaCann opened its Albany-based Verilife dispensary to adult-use customers, after exclusively serving the medical market since 2016. The store stocks the company’s exclusive product lines from brands like matter., Magnitude, P3, and LivWell, covering pre-rolls, flower, concentrates, and edibles, among others. New brands like Full Melt and #Hash will launch in the near future.
“We will open two more adult-use locations before July 2024; one in the Buffalo area, and one in the Syracuse region,” Jeremy Unruh, senior vice president, public and regulatory affairs, told SNDC. “On the retail side, we have a full array of products, including premium whole flower, vapes, concentrates, and edibles. Our medical cannabis roots ensure that adult-use consumers will get the guidance they want, and medical patients will receive the care they need.”
In addition to its own retail location, PharmaCann now operates in New York’s wholesale market providing cannabis products to retailers like Sacred Bloom, Gotham Buds, Good Grades, Greenery Spot, Dank 716, Capital District Cannabis & Wellness Inc, Hush, Grow Together, and TJ’s Cannabis Corp, with the company saying that more retailers will carry PharmaCann’s products soon. “We’re particularly excited about our wholesale offerings, given that New York State is placing a high priority on the rollout of small retailers,” said Unruh. “Our premium brands are manufactured and tested to medical standards, unlike those of some of the newer New York operators.”
Curaleaf also announced its entry into the adult-use market in the Empire State, opening Curaleaf Hudson Valley in Newburgh. Like PharmaCann’s Albany retailer, Curaleaf Hudson Valley has existed since before the adult-use market came online, serving medical patients since 2017. The store has a 3,500 square-foot footprint with a new dedicated sales floor and product storage for adult-use customers. “Our team has been preparing for this moment since 2021 when New York voted to support legalizing cannabis,” said Matt Darin, Curaleaf’s CEO.
The store will carry Curaleaf brands like Select Briq Essentials, Select X Bites, Select Nano Bites, Grassroots premium flower, and Jams, with more brands on the way. Retail sales will kick off on February 9. “We’re excited to welcome adult-use patrons through the doors of our newly remodeled Newburgh dispensary, and look forward to opening additional adult-use retail locations this year,” said Darin.—Shane English
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