The Cannabist Company Holdings Inc. (NEO: CBST) (OTCQX: CBSTF) (FSE: 3LP) (“The Cannabist Company” or the “Company”), one of the largest and most experienced cultivators, manufacturers, and retailers of cannabis products in the U.S., announced today it has been approved by the New York Office of Cannabis Management for adult-use wholesale distribution, which will commence immediately, and adult-use retail sales, which the Company has the option to begin at a later date upon payment of the required fees. The Cannabist Company’s popular brands including Seed & Strain and Hedy edibles will be available to both existing and newly approved adult-use dispensaries across the state, with its first sale to Herbal IQ, a retailer with five locations near Buffalo and Rochester. Additional brands will launch in the coming months, pending regulatory approval.
“After more than a decade of serving the New York medical market, the day has finally arrived for us to capitalize on the tremendous assets we have built and to begin bringing trusted, tested products to the growing adult-use market. New York is the cannabis capital of the East Coast, and we are thrilled to be supplying our partners with high-quality products as the industry reaches a new milestone with the further implementation of adult-use sales,” said Nicholas Vita, CEO, The Cannabist Company. “New York is going to rapidly become the largest cannabis market in the country, and we are ready to supply that growing demand from our scaled cultivation and manufacturing facilities in Long Island and Rochester, with premium and enjoyable products. As we begin to launch our wholesale partnerships across the state, we will concurrently evaluate and plan for the opening of our first adult use retail location in New York City.”
The Cannabist Company is currently one of the leading medical wholesale distributors in the state with existing partnerships across 20 dispensaries. The Company operates four retail locations at Cannabist Brooklyn and locations in Manhattan, Riverhead, and Rochester, all of which will continue as normal for medical patients at this time.
With its scalable infrastructure, The Cannabist Company is poised to be one of the largest producers and wholesale suppliers in the market and will help ensure a steady supply chain for the new dispensaries opening their doors at the end of December, in addition to many existing adult-use and medical operators. The company has nearly 800,000 total square feet of cultivation and manufacturing space across its two facilities in Rochester and Riverhead, with an initial approval of nearly 30,000 square feet of canopy licensed for adult-use production, with the ability to scale up to 100,000 square feet.
“The broadening of adult-use sales in New York is a huge and historic moment for the industry. We are excited that our premium products will be among the first that people will be allowed to legally buy in newly open dispensaries around the state,” said Jesse Channon, The Cannabist Company’s Chief Commercial Officer. “The expansion of adult-use sales introduces customers to not only creative and top-quality products, but products that are regulated, tested, and consistent. It’s an amazing time for cannabis enthusiasts and signals that there is only more to come for this great industry.”
