Weedmaps (NASDAQ:MAPS) (NASDAQ:MAPSW) has shared significant data on New York's cannabis market for the first quarter of 2024. This data paints a vivid picture of who the cannabis shoppers in New York are and what they're purchasing, providing valuable insights into the market's dynamics.
Cannabis Flower Dominates New York Market
According to Weedmaps, cannabis flower dominates New York's market. In Q1 2024, New Yorkers ordered flowers 53% of the time, surpassing the national average of 48%. Edibles also saw higher demand, with New Yorkers ordering them 27% of the time compared to the national average of 18%. In contrast, vape pens were less popular, with only 15% of orders in New York versus the national average of 25%.
Age Demographics Show Distinct Preferences
Diving deeper, age demographics show distinct preferences. Consumers over 50 predominantly ordered edibles, accounting for 54% of their purchases in New York, compared to 45% nationwide. Conversely, consumers under 50 showed a stronger preference for vape pens, with 26% of orders in New York, though this is still lower than the national average of 43%.
Newyorkers High Spending And Delivery Trends
Weedmaps' data also highlights the financial commitment of New York's cannabis shoppers. The Average Order Value (AOV) in New York was $123.16 in Q1 2024, significantly higher than the national average of $80.78. Additionally, New Yorkers purchased an average of 2.35 items per order, surpassing the national average of 2.22 items.
Despite the preference for in-store shopping, delivery remains a significant segment, with 44% of orders in New York opting for delivery, compared to 60% nationally. This suggests a robust demand for convenience and accessibility in the New York market.
For those keen on the latest cannabis market developments in the region, top experts will share insights at the upcoming Benzinga Cannabis Market Spotlight event in New Jersey on June 17th. Get your tickets now before prices surge by following this link.
Weedmaps' Community And Culture Initiatives In NY
Alongside these consumer trends, Weedmaps has been actively involved in community-building in New York by sponsoring local industry events and supporting legacy operators' transition to the legal market. The company has also partnered with initiatives like On the Revel to foster an inclusive and thriving cannabis culture in the state.
Jackie Gonzalez-Becerra, vice president of revenue at Weedmaps, emphasized the company's longstanding commitment. "Weedmaps has been an early and consistent supporter of the New York cannabis community, and a lot of that groundwork is paying off with the momentum we're seeing in the NY market today," she said. "Community and culture are the cornerstones of the cannabis industry and our Weedmaps team is committed to showing up and supporting New York cannabis operators as the state ramps up."
NY Rules Home Cultivation And Expands Licensing
These consumer insights come as New York approved on Tuesday home cannabis cultivation rules and issued 105 new adult-use licenses, aiming to boost economic growth and develop a robust legal market. Governor Kathy Hochul announced these measures to enhance the state's cannabis industry, addressing the hurdles in rolling out the legal market.
