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We dive deep into East Coast cannabis markets with Rick Bashkoff, CEO of Lit Alerts, examining how data is reshaping operations in New York, New Jersey, and beyond as these emerging marketplaces evolve.
• Data accuracy in cannabis typically ranges from 70-90% with most platforms using similar methodology to predict market trends
• New York's cannabis retail scene faces challenges with rampant illicit stores that mimic legal dispensaries and confuse customers
• Top-performing stores in Maryland and New Jersey generate over $1 million monthly, while New York averages $600,000-$700,000 in its top quartile
• Store density significantly impacts performance, with Long Island's limited competition allowing dispensaries to reach multi-million dollar monthly revenues
• New York-born brands dominate their local market while New Jersey shows more receptiveness to established national brands
• Regional preferences exist across form factors, with urban areas favoring vapes and edibles while rural regions prefer traditional flower
• Product movement tracking through alerts and notifications helps brands identify when retailers are running low on inventory
• Challenges with indoor growing capacity in New York creates quality limitations compared to West Coast markets
• Successful brands from other states like Miss Grass, Fernway, and Clay Nine have rapidly gained market share when entering New Jersey
• Focus on operational fundamentals and customer needs rather than industry noise is essential for sustainable success
Visit litalerts.com for a 30-day free trial to explore their data tools, or connect with Rick on LinkedIn for more insights on cannabis market dynamics.
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