New York adult-use operator reports $12 million in cannabis sales in 6 months

Housing Works Cannabis Co., the first adult-use retailer to open in New York, generated about $12 million in sales in the first six months of operations.

Conversion rates, sales and customer retention continue to be strong – with as many as 1,000 unique visitors on busy days – since Housing Works’ Dec. 29 opening, the nonprofit said in a Monday news release.

Roughly 5%-7% of Housing Works’ sales have originated from same-day or next-day deliveries to select ZIP codes in Brooklyn, Manhattan and Queens.

Other consumer trends Housing Works has noted in its first six months include:

• Shoppers primarily making purchasing decisions based on potency, with a preference for sativa and sativa-leaning hybrid strains.
• Flower has been the top-selling product category.
• Customers seeking edibles typically look for products that promote sleep and mitigate anxiety.

Housing Works recently added 200 new product SKUs (stock-keeping units) at its 4,000-square-foot location in Manhattan’s NoHo neighborhood, adding offerings from LGBTIQA+, minority and women-owned brands.

Housing Works carries seven social equity brands, including the June debut of Brelixi, its first Black-owned brand. Others include Fat Nell, The Weekenders, Flamer and Drew Martin.

The retailer was the state’s first conditional adult-use retail dispensary (CAURD) licensee to open its doors.

A few weeks ago, New York cannabis regulators approved more than 200 social equity retail licenses, nearly doubling the total to 463.

The goal of New York’s equity-driven approach was not only to help those wronged by the government’s war on drugs to secure marijuana business licenses but also to develop a system to boost their opportunity for prolonged success.

Housing Works sales proceeds are redirected to community services for New Yorkers, including health care, housing, job training, case management, social justice initiatives, LGBTQ+ youth programs and sexual health services.

“We wouldn’t have been able to accomplish what we have in these short six months if it wasn’t for our team and the people who walk through our doors every single day,” Housing Works retail manager Sasha Nutgent told MJBizDaily via email.

“My advice for those looking to open their own dispensary would be to spend time getting to know your customers and their needs, welcome folks from all walks of life and engage with the surrounding community to identify problems you can help solve.”

Source: https://mjbizdaily.com/new-york-adult-use-operator-reports-12-million-in-cannabis-sales-in-6-months/