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Heritage Cannabis Holdings Corp. has officially begun sales of recreational cannabis in New York.
The New York cannabis market is currently projected to reach a valuation of over $4 billion within five years, and is expected to be second only to the California market in the country.
With this strong market growth projected, Heritage has stated it can capture a piece of this market with its RAD-branded products.
To date, Heritage has launched six SKUs into the vape category, aiming to double the amount and add SKUs in the concentrate and preroll categories by the end of Q1 2024.
The 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.
CEO of Heritage, David Schwede, commented: “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 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 has stated that it 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, and the company plans to introduce additional RAD products including live resin, rosin, and infused pre-rolls, and is expanding product offerings with additional Heritage brands.
