The Journey Company will act primarily in a supporting position and lend its model identify to the shop.
Nonprofit Union Sq. Journey Company, one of many first authorized marijuana outlets to open in New York final yr, will likely be opening a second retailer within the Massive Apple inside days below its newly rebranded moniker, The Journey Company, the corporate shared with Inexperienced Market Report.
Though the brand new store will bear The Journey Company’s identify, possession and administration will likely be retained by one other of the 463 conditional grownup use retail dispensary (CAURD) licensees that had been granted hashish retail permits final yr, CEO Paul Yau stated.
The brand new store, positioned at 118-122 Flatbush Ave. in Brooklyn, will likely be owned by GMDSS LLC and its principal Robert Degen, Yau stated. The Journey Company will act primarily in a supporting position and lend its model identify through a licensing deal.
“There’s sure model fairness from Union Sq. Journey Company that’s going to be tremendous useful for the launch of the Brooklyn retailer,” Yau stated, emphasizing that The Journey Company remains to be awaiting an opportunity to get its personal second location chosen and authorized by state regulators.
It’s not but clear what date the Brooklyn store will open, because it’s nonetheless awaiting a ultimate inspection and approval from the state Workplace of Hashish Administration, however the objective is to open someday this coming week.
“I don’t suppose it’s going to open on Monday. We’re hopeful someday (this) week. As quickly as they do the inspection, we’re able to go,” Yau stated.
The ultimate Brooklyn store can also be nonetheless being constructed out, Yau famous, and certain received’t be open till April. Till then, The Journey Company will likely be working a pop-up retailer of about 3,500 sq. ft subsequent to the eventual 4,800-square-foot everlasting location, equally to how the nonprofit opened its first location in Manhattan final February whereas nonetheless finishing development.
Yau stated the partnership between The Journey Company and GMDSS took place “organically” final yr as he and others at The Journey Company had been giving excursions of their store to different CAURD licensees who had been nonetheless struggling to get their very own outlets permitted and open.
It wasn’t essentially a enterprise alternative that The Journey Company was in search of, Yau stated, and he hedged when requested if the nonprofit can be open to related licensing offers with different CAURDs.
“We’re open to it, however the partnership needs to be proper,” Yau stated. “What made this potential is having related beliefs and values, desirous to be a great neighborhood companion. Despite the fact that it’s a licensing deal, they’re day-in, day-out sporting the identify, so that you wish to ensure that they’re good custodians of the model.”
As for when The Journey Company could get its personal second location, Yau stated that’s merely unknown at this juncture.
“With the broader licensing in New York State, I don’t suppose it’s any time quickly,” he stated, referring to the continuing licensing by the OCM and the roughly 7,000 allow candidates the company is at the moment sifting via.
Constructive Outlook
Yau additionally stated that, although The Journey Company doesn’t disclose gross sales or revenue figures, the nonprofit’s Manhattan marijuana store has to date been worthwhile, and that the shop has hit its gross sales forecasts for 2023, serving between 1,100 and 1,200 clients per day.
“Enterprise is nice,” Yau stated. “We simply have seen continued progress, month after month on the retailer… The enterprise is worthwhile, for certain.”
That stated, he admitted that enterprise may at all times get higher, significantly with an estimated 8,000 unlicensed marijuana outlets working in New York Metropolis.
“We’re tremendous excited we had been capable of hit our forecasts. However we additionally do recognize {that a} significant discount in these illicit shops would drive much more income to us and the broader trade,” Yau stated.
As of Jan. 12, New York had simply 49 authorized leisure marijuana shops working throughout the state, in line with the OCM.
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