FOR IMMEDIATE RELEASE
CannaX Blazes New Trail in the Recreational Cannabis Market
Coursework, Simulated Project
NEW YORK - June 28, 2023
CannaX, a multistate operator (MSO) in the cannabis industry, announced today that the organization is expanding their services to New York in order to serve the state’s recreational market. The MSO will also contribute to stabilizing the newfound market and providing capital for social equity licensees, benefiting both the community and the marketplace all at once.
CannaX is excited to break ground on their operations in New York City and bring high-quality, well-tested cannabis to the market. The organization will establish three recreational locations in the Bronx, Albany and Manhattan respectively. The retail locations are set to open in late Summer 2023. The retail locations will also include attached consumption areas that will serve customers until 4 a.m., creating a late-night option in New York not yet available in other markets.
The organization will also partner with local growers in the city to sell cannabis products at non-storefront locations. This expansion gives CannaX the opportunity to aid local growers by showcasing their high-quality, home-grown product and providing the growers with the tools needed to participate in legal cannabis farmers markets.
“We’re thrilled to boost up the cannabis industry in New York by supporting the new legislation proposed by Sen. Jeremy Cooney, and play a big part in creating new economic opportunities in New York’s cannabis market,” said Jeremy Coltair, CannaX Vice President of Communications.
The new legislation opens doors for CannaX to arrive onto the cannabis marketplace in New York, allowing the organization to enter a market that was stunted upon entry in 2021 due to lack of spending in the pandemic and an inability to generate capital. By eliminating the three-year waiting period to enter the recreational market, CannaX is able to establish their retail locations in New York. To set up shop in the Big Apple, CannaX will be participating in the state waiver plan by submitting a fee of at least $20 million to a Social Equity and Economic Plan that aims to support local cannabis businesses and grassroots organizations. This stipulation allows CannaX to enter the cannabis market now, when previously they were restricted by state regulators.
CannaX recognizes the concerns coming from many New York cannabis entrepreneurs that the arrival of MSOs will result in a loss of retail space and a market oversaturation. CannaX is working with a goal in mind to create an equitable, successful cannabis market in the state. The organization understands that New York has not been successful in securing the funding needed to support the Marijuana Regulation and Taxation Act (MRTA) and needs assistance in creating a socially and economically equitable market. CannaX is committed to honoring the guidelines of the bill and increasing capital in the market.
“We get the need to bring in big multistate operators like CannaX, the initiatives and legislation have been struggling,” cannabis entrepreneur and future business owner Jared Lincoln states. “The hope is that they’ll be able to impact the market in a positive way so that small owners like me can get the funding from the state.”
CannaX has a vested interest in supporting the cannabis industry in New York. Their presence will also serve to boost the capital and aid the state in social equity funding for the cannabis industry. CannaX is excited to begin operations in New York, and bring safe, well-researched products to the state while also working to expand the market and make positive change.
About CannaX
CannaX was founded in 2022 with a mission of being at the forefront of the safe, reliable cannabis industry. CannaX has operations in Colorado, Oregon and soon-to-be New York. As one of the United State’s newest multi-state cannabis companies, CannaX is committed to bringing high-quality manufactured cannabis products to customers. CannaX performs thorough research and testing on all their cannabis products and produces a variety of high- quality, safe cannabis products. For more information about CannaX, please visit www. CannaX.com.
###
Contact
Cannax Co.
Isabella Flournoy
communications@cannex.com