New York’s Cannabis Market Primed for Growth: Business of Cannabis Event to Connect Entrepreneurs with Top Investors

New York’s cannabis market continues to attract investor attention, with recent projections suggesting it could grow to $6 billion within the next two years. On November 12, the Business of Cannabis: New York event at the New York Academy of Medicine will offer a platform for cannabis entrepreneurs to connect directly with investors, including Tuatara Capital, managers of the Cannabis NYC Loan Fund. This fund provides early-stage loans of up to $100,000 specifically for Conditional Adult-Use Retail Dispensary (CAURD) license holders, supporting access to capital in New York’s high-cost market.

 Projected Market Growth and Challenges

 A recent report by Whitney Economics forecasts that, despite an initially challenging launch, New York’s cannabis industry could achieve $1 billion in sales by the end of 2024, representing a 236% increase from 2023. The report further estimates annual sales could rise to $1.3 billion by 2025 and $3.3 billion by 2027, with a total addressable market of nearly $6 billion. This forecast includes expected contributions from both residents and tourists, given New York’s higher-than-average consumption rates.

The report also highlights the high revenue needed for cannabis retailers to remain viable in New York’s cost-intensive market. Stores generally require revenue between $2.6 million and $7.6 million per year, depending on location, with urban stores facing higher operating costs. The Cannabis NYC Loan Fund aims to provide these early-stage businesses with more accessible financing options tailored to the industry’s challenges.

Key Topics at Business of Cannabis: New York

The Business of Cannabis: New York event will include panel discussions, workshops, and networking sessions focused on funding and operational strategies in the state’s cannabis industry. Event highlights include:

• Discussions with Sergey Sherman & Tuatara Capital: Sherman and the Tuatara Capital team will provide insights on the Cannabis NYC Loan Fund’s application process and funding criteria.
• Networking Opportunities with Global Investors: Investors interested in New York’s market will be present, giving entrepreneurs opportunities to share business plans and discuss potential funding.
• Workshops on Business Growth and Capital Management: Sessions will address key industry topics, such as brand-building and funding risks, for cannabis businesses navigating New York’s regulatory and operational landscape.

Business of Cannabis: New York will also offer 50 complimentary tickets for CAURD license holders to facilitate participation.

Event Details

• Location: The New York Academy of Medicine, New York City
• Date: Tuesday, November 12, 2024
• Registration: Visit https://www.newyorkcannabis.live

The event comes as New York’s cannabis market faces unique growth opportunities and challenges, with ongoing discussions about funding, regulatory frameworks, and strategic planning.