The cannabis industry is on edge right now – but New York is showing some positive signs.
The cannabis industry is on edge as it waits to see how the federal government acts. On one side is the slow moving Biden/Harris administration and the Drug Enforcement Administration (DEA) slow walking rescheduling. The DEA is having to wade through overwhelming positive support for fellow agencies and the general public. On the other side, House Speaker Mike Johnson (R-LA) has allowed groups from his party to protest and try to stop the process and issuing statements on the dangers of marijuana. Coupled with a mess in California and a significant drop in investment in the industry as everyone waits the outcome, things are tough. But there are positive signs for NY legal marijuana.
New York was one track to be the biggest single market perhaps in the word in the when they approved recreational marijuana. But a last minute major overhaul of the process a few weeks before it rolled out ended in a massive chaos. January 2023 launch the first legal store, but at year end there were roughly 25 legal dispensaries and ultimately 2,800 illicit ones in the Empire State. While consumers may or may not have known or cared about the legality of where they shopped, they should. The products in the stores are unregulated, which is a strong health issue as ingredients and dosage could vary significantly.
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Wana Brands is the largest gummy company in the industry. They are in 20 states, Canada and Puerto Rico and are backed by Canopy and the alcohol giant Constellation Brands. Highly respected, they are the most mainstream major product company in the industry. Entering the New York Market, is a sign things are starting to normalize. NY has closed over 800 illicit stores and is working toward 200 legal ones.
Joe Hodas, President of Wana shared “Wana’s entry in the New York market has been a move that’s been in the works forquite some time. We’ve already established a strong presence in over 20 stores,including The Travel Agency and Housing Works. Orders are rolling in and morelocations will be coming online soon. While our initial focus is on the New York City area,we’re working on expansion into upstate as well. We believe New York will be one of themost important states on the map for us and we are excited to get more products intothe hands of New Yorkers and all those who visit from around the world.”
When asked about why enter the NY market now, Hodas responded.
“Entering the New York market for us was all about timing. In the past, the prevalence of illicit stores in the city made it a challenging environment for a brand like ours. But during my recent visits, I noticed a shift—there’s now a more robust network of regulated, legal stores. We felt it was finally the right moment for Wana Brands to bring our products to New Yorkers. We couldn’t have made this move without our partner, urbanXtracts. Their state-of-the-art manufacturing capabilities and shared commitment to quality have made this launch possible and we’re excited to see what the future will bring.”
“The Travel Agency is thrilled to partner with Wana in this vibrant New York cannabis market, that we’ve helped grow since its launch. Wana is also one of this industry’s pioneers, building their business through consistent products and the exploration of new formats and flavors. We look forward to collaborating with Wana in providing New Yorkers with safe, high-quality cannabis experience.” stated Paul Yau, The Travel Agency, Co-Founder and CEO. One of the larger, legal dispensary brand in NYC.
