BDSA, provider of retail sales data for the cannabis industry, announced the launch of its Retail Sales Tracking coverage of the New York cannabis market. BDSA predicts New York will be the largest new market for legal cannabis in 2023. 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. An additional 27% of New York adults indicate they’re likely to consume in the future.
“With nearly 15 million residents over the age of 21 and tens of millions more tourists visiting the state annually, New York is one of the most exciting cannabis opportunities in 2023,” stated Roy Bingham, co-founder and CEO of BDSA. “Despite some expected growing pains in the early years, the market is expected to be the second largest contributor to sales growth through 2026, following Florida.”
When looking at category shares in the early months of New York’s adult-use market, flower sales are expected to hold a high share of unit and dollar sales for at least the first few months. 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. In November, the vape and flower categories each accounted for 35% of medical cannabis sales in New York. In contrast, the vape category only accounted for 27% of adult-use sales in the first three months of New Jersey’s adult-use market.
BDSA Consumer Insights show that New Yorkers have a propensity for flower-based products and are 35% more likely than the aggregate of consumers in adult-use states to prefer joints they have rolled themselves. They are also 27% more likely to prefer “spliffs” (a joint containing tobacco that consumers must roll themselves).
Packaging is also important to New York consumers, who are significantly more likely to purchase a product based on visually appealing packaging, discreet packaging, resealable or reusable packaging, and high-quality, premium packaging relative to consumers in other adult-use states.
BDSA’s Retail Sales Tracking now tracks market performance by state, category, brand, product and attributes across 14 U.S. markets.
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Photo: Benzinga edit with photos by Kindel Media on Pixabay and Quintin Gellar on Pexels
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