Heritage Cannabis announced that recreational product sales in the state of New York has officially commenced. Manufacturing of Heritage’s RAD branded vape and concentrate products began in the state during the summer, and the company has achieved its first commercial sale in New York – Heritage’s third state where its brands are now available.
Heritage continues to target the legal markets in the US with an asset light model, and in New York has a manufacturing and distribution agreement with a local partner that produces and sells products using Heritage’s innovative formulations and flavours that the RAD brand is known for. Heritage plans to introduce additional RAD products including live resin, rosin, and infused pre-rolls, and is expanding product offerings with additional Heritage brands.
The New York market is projected to be valued at over $4 billion within five years according to Forbes and is expected to be second only to the California market in the U.S. and approximately the size of the Canadian legal market. With strong market growth projected in New York, Heritage can capture a piece of this market with our well developed, well recognized 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,” said David Schwede, CEO of Heritage. “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.”
