How to Find Success in the Emerging New York Cannabis Market
Emily Kho
March 9, 2023
This week on the Kaya Cast Podcast, Jacobi Holland joins us for an exciting topic: How New York Cannabis is Changing the Game. Co-founder of On the Revel, Jacobi sheds light on his experience developing the educational and community platform for the cannabis industry, along with how an emerging New York dispensary can make an impact.
If you have been following licensing updates within the cannabis industry, it comes as no surprise that the New York cannabis market is new to the game. But, what you may not realize is just how powerful it is anticipated to become. Experts believe that the New York cannabis market will exceed $7 billion by 2025.
So, let’s take a closer look at how to find success as a New York dispensary owner.
Understand How Licenses Are Being Distributed
Wrapping your head around marijuana laws and licenses is no simple feat, yet it is essential when it comes to opening up a New York dispensary of your own. Before jumping in head first, make sure you understand how licenses are being distributed at each level. You can learn more about applying for a New York license here.
Immerse Yourself in the New York Cannabis Community
Aside from doing your own homework, having a community around you is another critical way to know the nuances that come along with getting a New York cannabis license.
Jacobi is all about immersing yourself within the New York cannabis community. His company, On the Revel, is the parent company for a collection of curated educational and networking experiences that aim to democratize cannabis industry information for those interested.
On the Revel events known as Revelry are conferences that foster an inclusive, collaborative, and flourishing New York cannabis market.
Beyond Revelry events, there are plenty of industry meet-ups to get involved with as a New York dispensary owner or enthusiast. Here are some top New York cannabis events to check out in 2023.
Leverage Data to Enhance Business
Much like in any business, a New York dispensary can leverage data to enhance its business. But you need to know your market and niche to focus your data-tracking efforts. Jacobi explains:
“...you have to have a grasp on your data, and you have to invest in it because the big boys, they do invest in, and they will understand who they're marketing to. You need to understand what your power is, and that's being very targeted to your specific niche.”
Consider Your Impact as a New York Dispensary
Impact is everything, especially in smaller sectors of the New York cannabis market. Removing the stigma surrounding cannabis in a neighborhood means opening up jobs, money, and other opportunities they might not have otherwise. Never overlook your impact on a community, and honor it properly.
Make Your Small Business Stand Out
How a New York dispensary pans out against the large conglomerates will unfold in due time, but in the meantime, Jacobi predicts a positive outcome for small businesses:
“People [in New York] are very territorial, and they really care about local things, and they really care about their community. And if they have the option of a faceless MSO or a slightly overpriced community dispensary, they're always going to choose option B because that matters. And they understand that the [smaller] dispensary is going to care more about your community.”
Promote Diversity in Your New York Dispensary
Another huge element that should be incorporated into any New York dispensary is promoting diversity, a quintessential aspect of the state.
For Jacobi and On the Revel, diversity came naturally. But what Jacobi didn’t realize was the positive impact this would have on the New York cannabis market:
“Diversity leveled up whatever they were trying to work on, and that kind of became the pillar of how we operate today. And I think we just struck something that felt important, and the community responded accordingly.”
Check out four ways to advocate for diversity in cannabis.
Learn Expert Tips for Growing Your Business
Jacobi’s advice for New York dispensary owners is to focus on collaborations. He provides a few great potential opportunities for the industry:
- Collaborating with hyper-local, small businesses
- Collaborating with people your customers value
- Promoting a limited release with a local figure
- Promoting a limited release with a well-known local brand
He believes the focus should be highlighting local businesses and individuals to help build and support the community even further.
Final Thoughts on the New York Cannabis Market
Everyone wants a piece of the New York cannabis market pie. But to be successful with your New York dispensary, you must keep up to date with emerging trends and leverage the power of your local community.
For more expert insight, check out the full podcast How New York Cannabis is Changing the Game, featuring Jacobi Holland. And, to get involved with the community he’s built at On the Revel, join the Dope People online community.
