With New York potentially legalizing adult-use, who are the current cannabis operators?
In 2014, Governor Cuomo put pen-to-paper that enabled New York to become the 23rd state to allow medical cannabis for the state's nearly 20 million people. Patients who may suffer from any of the qualifying conditions are eligible for the state's medical marijuana program, where patients are able to medicate with cannabis products by way of vape cartridges/pens, capsules, tablets, oils, oral spray, and powder.
In 2019, the issue of legalizing adult-use, recreational marijuana is coming down to the wire as the legislative session ends on Wednesday. At the time of this writing, further news was released that diagnosed the adult-use bill's prognosis as grim; instead, it would appear that the state may be pivoting towards the passage of a bill to "decriminalize the use of marijuana and expunge arrest records."
Edit: After publishing, further (favorable) information has been made public that gives hope to the adult-use legislation. As referenced above, this issue seems poised to find its outcome during the proverbial 11th hour, or could even be extended to a Friday vote.
Final edit: Legislation to create an adult-use program in New York has unfortunately failed to receive the amount of votes necessary to pass. However, the state did pass progressive legislation to decriminalize marijuana.
In this post, we will look at both the current operators, and those with pending acquisitions. Please note that all New York medical cannabis operators are permitted to operate 4 dispensaries and 1 cultivation facility.
If you would like to learn more about each company, please click through their name to be taken to their company sub-page where we detail specific information such as fully diluted market cap, share count, quarterly financials, and also extrapolate on their licenses by way of a highly-detailed footprint map.
The company operates dispensaries in Buffalo, Wallkill, Queens, and Farmingdale, under the retail brand of The Botanist.
The company operates dispensaries in New York, Brooklyn, Rochester, and Riverhead, under their eponymous retail brand.
The company operates dispensaries in Newburgh, Plattsburgh, Forest Hills, and Carle Place, under their eponymous retail brand.
The company operates dispensaries in Brooklyn and Wappingers Falls (with a lease signed ford a third location in Staten Island) under the retail brand of Citiva.
The company operates dispensaries in Syracuse, Williamsville, Lake Success, and New York under their eponymous retail brand. Additionally, pending a successful closing of MedMen's acquisition of PharmaCann, MedMen would be entitled to operate the 4 locations that PharmaCann currently has in Amherst, Liverpool, Bronx, and Albany. This would give the company a total of 8 dispensaries and 2 cultivation facilities.
The company operates dispensaries in White Plains, Elmhurst, Johnson City, and Albany under their eponymous retail brand.
Cresco Labs CEO, Charlie Bachtell, in their Q1 '19 conference call, gave an indication that the acquisition is soon to close:
Q: And in terms of the transaction in New York, do you have an update there on the timing, do you expect that to close?
A: We're still, we’re optimistic that that’s going to close in Q2. All indications are that it will close in Q2.
Lastly, Green Thumb Industries' pending acquisition has been reported to be of Fiorello Pharmaceuticals. Fiorello operates dispensaries in Halfmoon, Rochester, and Manhattan (with their final location slated to open in Nassau) under the retail brand of Fp WELLNESS.
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