Petalfast, a national sales, marketing and distribution platform for the cannabis industry, announced its expansion into the New York cannabis market. The launch comes on the heels of Petalfast's recent acquisition of Flow Distribution's sales and distribution subsidiaries in Arizona. The company's sales and retail engagement services help cannabis brands sell into and through retail channels.
New York's adult-use cannabis market has seen significant growth since its launch in 2022. Projections for 2024 predicted that sales would exceed $200 million by early June, with actual sales far surpassing this by reaching $421.2 million in early July 2024. With overnight tourism expected to reach 64.5 million in 2024, New York offers a unique opportunity for brands to increase awareness and gain a new customer base. Petalfast's expansion into the state offers New York-based brands the ability to scale their sales and field marketing efforts across the state. The expansion also gives brands in Petalfast's California and Arizona portfolios the ability to tap into a trusted ecosystem for expansion into the New York market.
"New York's thriving adult-use market and medical program, combined with its high consumer demand, give Petafast an incredible foundation to provide both retailers and brands with the best services to scale their operations and drive velocity," said Petalfast CEO Jason Vegotsky. "Trusted partnerships in the state pave the way for our expansion, while strategic hiring will allow us to best serve current and future clients."
