- The Cannabist Co. (NEO:CBST) has been approved by the New York Office of Cannabis Management for adult-use wholesale distribution and retail sales
- The company’s popular brands including Seed & Strain and Hedy edibles will be available to existing and newly approved adult-use dispensaries across the state
- Wholesale distribution will commence immediately, and the company has the option to begin adult-use retail at a later date
- From mid-November to mid-December, the Cannabist Company Holdings Inc. has treaded between $0.47 to $0.60 per share
The Cannabist Co. (NEO:CBST) has been approved by the New York Office of Cannabis Management for adult-use wholesale distribution and retail sales.
The company’s popular brands including Seed & Strain and Hedy edibles will be available to 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.
Wholesale distribution will commence immediately, and the company has the option to begin adult-use retail at a later date. Pending regulatory approval, additional brands will launch in the coming months.
The company stated it 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.
“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,” Nicholas Vita, the Cannabist Company’s chief executive officer, said in a news release. “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.”
Cannabist Company chief commercial officer Jesse Channon added: “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. 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.”
The Cannabist Company Holdings Inc. is a cultivator, manufacturer and provider of cannabis products and related services, with licenses in 16 U.S. jurisdictions. The company operates 125 facilities, including 94 dispensaries and 31 cultivation and manufacturing facilities, including those under development.
From mid-November to mid-December, the Cannabist Company Holdings Inc. has treaded between $0.47 to $0.60 per share.
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