New York’s Housing Works Reports $24 Million in Sales

The dispensary highlighted its charitable mission as a driver of its success.

New York City‘s first legal adult-use dispensary, Housing Works Cannabis Co. logged $24 million in sales in its first year of business.

That’s a significant portion of the $137 million in sales that the New York Cannabis Control Board reported for the entire state as of early December, according to its annual 2023 report.

In addition to its overall sales figure, HWCC noted that its data revealed interesting purchasing trends in the New York market. For example, New Yorkers like to purchase cannabis products ahead of summer holidays, with the largest sales day being the Friday before Memorial Day weekend, which saw more than $100,000. The top sales week preceded Labor Day, August 28 through September 1, with store sales exceeding $500,000.

Like many established markets, the most popular category by revenue was flower, with edibles the top-selling category by unit. Housing Works said that it saw a steady uptick in online and pick-up orders, which now represent 20% of sales, while delivery orders account for roughly 12%.

Charitable Mission

Part of the company’s success is due to its established name in Manhattan where it runs several resale stores with the income used to provide housing, healthcare, and other critical services to New Yorkers affected by AIDS, homelessness, substance abuse and criminal justice system involvement.

“Since opening our doors one year ago, we’ve been operating in somewhat of a pop-up phase, but that hasn’t stopped us from continuing to push our mission forward,” Retail Manager Sasha Nutgent said. “I think what differentiates us is our roots in New York City – whether through our MJMondaze event series or the brands we carefully select for our menu – people know what we’re about, and our work across the community.”

HWCC also sets an example as a social equity model for America’s cannabis industry. In addition to providing formerly incarcerated individuals with housing and health services, the team has partnered with Housing Works’ own Ready for Work program to offer job training and career development to those with chronic health conditions, including HIV/AIDS.

New Year, New Look

HWCC said it plans to officially unveil its updated interior in early 2024. The remodeled space will feature natural wood throughout, as well as its signature rainbow-themed tones.

The new retail experience will include at least 10 highly trained budtenders available at all times, along with an efficient self-ordering area with four kiosks, and a dedicated space with expansive lifestyle offerings.

Debra Borchardt

Debra Borchardt is the Co-Founder, and Executive Editor of GMR. She has covered the cannabis industry for several years at Forbes, Seeking Alpha and TheStreet. Prior to becoming a financial journalist, Debra was a Vice President at Bear Stearns where she held a Series 7 and Registered Investment Advisor license. Debra has a Master's degree in Business Journalism from New York University.

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