The Business of Cannabis: New York Summit, which took place on the 6th of November at the Wythe hotel in Williamsburg New York, was held earlier in this month. Dispensary owners and growers were among the attendees, as well legal experts, marketers, educators, brand leaders and marketing professionals. Conversation, caution, and curiosity filled the historic brick walled space that overlooked the East River.
Energy in the room was affected by the complex situation of the cannabis industry. New York’s cannabis market is growing rapidly. However, the industry faces many challenges including delays in licensing and confusion at the Office of Cannabis Management. Many entrepreneurs and activists who attended the summit viewed the election of New York City mayor Zohran Mamdani as a major factor in the future.
Cannabis Friendly Mayor
Mamdani, during a debate with other candidates, was asked: “Have You Ever Purchased Anything in A Cannabis Shop, And What Did You Buy?”
Mamdani responded with a laugh: “I’ve bought marijuana in a legal cannabis store.”
Laughter could be heard in the crowd, but it was a different reaction within the cannabis sector. Mamdani’s admission, while humorous at first glance, was taken as an example of candor from a politician when it comes to cannabis. Mamdani’s words quickly spread across social media and industry circles, sparking discussion about what kind of administration he would lead.
After the election, excitement was mixed with anxiety. The new mayor’s election was questioned by operators, policy makers and brand creators.
Mamdani Effect
Robert Sciarrone, CuraLeaf’s regional executive vice-president and executive vice-president, shared his opinion when Mamdani’s possible impact on New York was being discussed. Sciarrone stated that it was too soon to know what New York’s new mayor would do. I’m happy to know that during the debates, he stopped by a New York shop.
Sciarrone’s comments were met by nods of agreement. Many found the comment to be a useful reminder of how important it is for elected officials to show understanding. The mayor may be more aware of the importance and work involved in compliance when he has visited a cannabis shop, spoken to its staff, and observed how it operates.
Sciarrone encouraged community members to advocate and take the initiative whenever they could, rather than focus on insecurity. Like any regime shift, everyone is looking for something hot to bite into. As operators, it’s up to us as state officials to be proactive and engage Mamdani in conversation and ensure he knows that we fight for our businesses. It’s all we can hope for is that Mamdani listens. I can’t predict what’s going to happen, but all I know is we have to talk about it or else…we’re on a menu. “We have to go out and talk about it urgently.”
Take Action
His call for action resounded throughout the conference. In breakout sessions or hallway discussions with smaller groups, participants developed strategies. Participants discussed strategy for engaging with the Office of Cannabis Management. Some focused on jobs creation, SKU analyses and tax revenues, others spoke about engagement strategies. Operators spoke of the importance of humanizing their stories to help the Mayor and his team better understand the people behind each dispensary counter, cultivation license and other business. Concern was raised about illegal cannabis markets and hemp. This event was held just a few days before President Trump signed the federal budget bill that bans THC derived from hemp. It will certainly bring more challenges to those in the hemp consumption space.
According to one attendee, the Wythe was a place where celebrations and alertness met. The attendees congratulated themselves for making it through the turbulent years of recent times, but returned time and again to one common theme: New York’s city-state cannabis operators must come together to create a strong coalition. A lack of a state-wide coalition was described as a major problem for the cannabis market, preventing collaboration and political negotiations. New York’s cannabis industry could fragment or thrive depending on how it engages with its new political leadership.
Competition between competitors
The day ended with sunlight streaming through tall windows and the focus shifted to the next steps. The day ended with the exchange of contact details, the formation of working groups, and the commitment to attend future events like MJBizCon, which will be held in Las Vegas.
For the attendees of the Business of Cannabis conference, it was evident that the cannabis industry in New York cannot wait to be clarified by the authorities. Messages that challenge and educate must be developed. Market future will be determined not just by new regulation, but also relationships, perseverance and the willingness of continuing discussions, even when the outcome is uncertain.