- Heritage Cannabis (CSE:CANN) has officially commenced recreational product sales in the state of New York
- The company began manufacturing its RAD branded vape and concentrate products in the state during the summer and has achieved its first commercial sale in New York
- The company also has a manufacturing and distribution agreement with a local partner that produces and sells products using its popular formulations and flavours
- Heritage Cannabis Holdings Corp. last traded at $0.015 per share
Heritage Cannabis (CSE:CANN) has officially commenced recreational product sales in the state of New York.
The company began manufacturing its RAD branded vape and concentrate products in the state during the summer and has achieved its first commercial sale in New York – Heritage’s third state where its brands are now available.
The company also has a manufacturing and distribution agreement with a local partner that produces and sells products using its popular formulations and flavours. Heritage plans to introduce additional RAD products including live resin, rosin and infused pre-rolls, and is expanding product offerings with additional Heritage brands.
According to Forbes, New York’s market is projected to be valued at more than US$4 billion within five years and is expected to be second only to the California market in the United States. New York’s market is approximately the size of the Canadian legal market.
With this projected market growth, Heritage expects to capture a piece of this market with its RAD branded products. Heritage launched six SKUs into the vape category with the intention of doubling that and adding SKUs in the concentrate and preroll categories by the end of Q1 2024.
“As one of the only Canadian companies selling their branded product in the United States, we are thrilled to be successfully expanding our footprint into more states and getting a foothold in the early recreational market in New York with this inaugural sale,” the company’s CEO, David Schwede, said in a news release. “The states where we are selling products offer a faster path to profitability with stronger margins than those under the Canadian model. We see enormous potential in the New York market and with these strong margins and capital efficient approach we intend to have a strong presence in the state.”
Heritage Cannabis Holdings Corp. has an extensive portfolio of cannabis products under the brands Purefarma, Pura Vida, RAD, Premium 5, Thrifty, feelgood, the CB4 suite of medical products in Canada and ArthroCBD in the U.S.
Heritage Cannabis Holdings Corp. last traded at $0.015 per share and CANN stock is up 50 per cent over the past three months.
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