Cannabis Consumer Preferences Emerge in New York as Weedmaps Strengthens Commitment to Community-Building

Rhea-AI Summary

Weedmaps (Nasdaq: MAPS) has significantly expanded its presence in New York's cannabis market in Q1 2024 through various initiatives including sponsoring events, assisting legacy operators, and focusing on consumer awareness.

The platform now includes 131 licensed retailers and has seen notable consumer trends: 53% of orders are for cannabis flower, 27% for edibles, and 15% for vape pens. Consumers aged 50+ predominantly order edibles, while those under 50 prefer vape pens.

New York's Average Order Value (AOV) is $123.16 compared to the national average of $80.78, and the average basket size is 2.35 items versus 2.22 nationally. Only 44% of orders are for delivery, compared to 60% nationally.

Weedmaps emphasizes community and culture, partnering with local groups like On the Revel to support the New York cannabis industry.

Positive

• Weedmaps expanded its New York market with 131 licensed retailers.
• New York's AOV through Weedmaps is $123.16, higher than the national average of $80.78.
• New York consumers have a higher basket size (2.35 items) compared to the national average (2.22 items).
• Weedmaps has a strong focus on community and culture, partnering with local organizations to support the industry.

Negative

• Only 44% of orders in New York are for delivery, compared to 60% nationally.
• New Yorkers order vape pens less frequently (15%) compared to the national average (25%).

IRVINE, Calif.--(BUSINESS WIRE)-- Weedmaps (Nasdaq: MAPS), a leading online cannabis marketplace for consumers, has significantly expanded its presence in the New York cannabis market in the first quarter of 2024 with a comprehensive approach that includes sponsoring industry events, offering assistance for legacy operators transitioning to the licensed market, and implementing marketing initiatives dedicated to consumer awareness.

“Weedmaps has been an early and consistent supporter of the New York cannabis community, and a lot of that ground work is paying off with the momentum we’re seeing in the NY market today,” said Jackie Gonzalez-Becerra, Vice President of Revenue at Weedmaps. “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.”

As New Yorkers convert to the legal market, Gonzalez-Becerra says Weedmaps is focused on enlisting all licensed retailers in the market as clients as soon as they come online, with 131 licensees on the platform as of June 6, 2024. As for who is shopping at New York’s licensed dispensaries, Q1 2024 consumer data from Weedmaps begins to paint a picture of who the cannabis shoppers in New York are, and what they’re purchasing:

• In the first quarter of 2024, shoppers in New York ordered cannabis flower through Weedmaps more than half the time (53%), which is 5% more than the national Weedmaps average of 48%.
• As for edibles, New Yorkers ordered them through Weedmaps 27% of the time, compared to the national Weedmaps average of only 18%.
• Vape pens as a category saw much higher orders through Weedmaps nationwide in Q1 with 25% of orders, while New Yorkers only ordered vape pens through Weedmaps 15% of the time.

Q1 2024: Orders by Category through Weedmaps
	New York State (Q1 2024)	Nationwide (Q1 2024)
Cannabis Flower	53%	48%
Edibles	27%	18%
Vape pens	15%	25%
Other	5%	9%
Source: Weedmaps order data January 1, 2024 - March 31, 2024

When looking at category orders for consumers aged 50+ and 50 and below through Weedmaps, category preferences begin to emerge:

• Consumers over the age of 50 are predominantly ordering edibles through Weedmaps:
  • 45% of consumers nationwide ordered edibles through Weedmaps in Q1, and in New York that number was more than half at 54%.
• Nationally, and in New York, consumers under the age of 50 are ordering vape pens through Weedmaps much more frequently than those over 50.
  • In Q1, 43% of consumers 50 and under ordered vape pens through Weedmaps, while in New York that number was 26%.

Q1 2024: Orders through Weedmaps by Category, Consumers 50+ and 50 and Under
	New York State (Q1 2024)		Nationwide (Q1 2024)
	Consumers 50+	Consumers 50 and Under	Consumers 50+	Consumers 50 and Under
Edibles	54%	43%	45%	26%
Flower	28%	25%	26%	25%
Vape Pens	15%	26%	25%	43%
Source: Weedmaps order data January 1, 2024 - March 31, 2024

Additional Insights:

• New York has a higher Average Order Value (AOV) through Weedmaps than the National average for Q1 ($123.16 in NY vs. $80.78 national)
• New York has a 6% higher basket size through Weedmaps vs. the national average in Q1 (2.35 items vs. 2.22 national)
• Opportunity for delivery in New York: 44% of orders through Weedmaps were for delivery vs. 60% nationally in Q1 2024

Community-Building Key to New York Market

For New Yorkers, shopping for cannabis is about more than just an in-store experience –– it’s also about culture and events. On the Revel, a New York City-based group working to foster an inclusive, collaborative and flourishing cannabis industry via educational and networking experiences, has partnered with Weedmaps since 2021. Together, the two brands have partnered to help ensure community remains the cornerstone of cannabis in New York.

“We’ve seen a lot of California based companies come into New York, spend money, put their logo on things, and partner with the first people they meet –– they fail to do what Weedmaps did so well,” said Jacobi Holland, Co-founder of On the Revel. “Weedmaps brought the right evangelists to be on the ground from the start. They came into our communities, were genuine and authentic, and that was different from a lot of the other California brands trying to break into the market here.”

“It feels good to have partners who believe in us,” said Lulu Tsui, Co-Founder of On The Revel. “We love that Weedmaps started on the ground with the New York industry. We share a similar ethos and belief in the community, legacy, and culture.”

NYC-native and long-time cannabis advocate Vladimir Bautista, CEO of Happy Munkey, recently received his first retail dispensary license. As a legacy operator in New York, Bautista connected with Weedmaps at an event in 2019 and began collaborating with the brand from there.

“Weedmaps has the right intentions for the culture and community in New York, and their work helping minorities and small businesses get visibility will only help our state become the most equitable cannabis market in the country,” Bautista said. “New York has always been the financial, cultural, and hospitality capital of the world and we’re going to see that moving into cannabis with new experiences and new brands coming out of NY.”

Beyond events and partnership efforts, the Weedmaps app and website also serve as a valuable tool for New York residents and tourists alike. With an ever-evolving legal landscape in the state, consumers can help ensure they’re shopping at a legal, licensed cannabis business by downloading the Weedmaps app, or visiting the New York Office of Cannabis Management website.

About WM Technology

Founded in 2008, WM Technology operates Weedmaps, a leading cannabis marketplace for consumers, as well as a broad set of eCommerce and compliance software solutions for cannabis businesses and brands in U.S. state-legal markets. WM Technology holds a strong belief in the power of cannabis and the importance of enabling safe, legal access to consumers worldwide.

Over the past 15 years, the Weedmaps marketplace has become a premier destination for cannabis consumers to discover and browse cannabis-related products, access daily dispensary deals, order ahead for pick-up and delivery by participating retailers (where applicable), and learn about the plant. The Company also offers eCommerce-enablement tools designed to help cannabis retailers and brands reach consumers, create business efficiency, and manage industry-specific compliance needs.

The Company is committed to advocating for full U.S. legalization, industry-wide social equity, and continued education about the plant through key partnerships and cannabis subject matter experts.

Headquartered in Irvine, California, WM Technology supports remote and hybrid work for eligible employees. Visit us at www.weedmaps.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240612934846/en/

Weedmaps

Press@weedmaps.com

Source: Weedmaps

FAQ

What is the stock symbol for Weedmaps?

The stock symbol for Weedmaps is MAPS.

How many licensed retailers does Weedmaps have in New York?

Weedmaps has 131 licensed retailers in New York as of June 6, 2024.

What are the consumer preferences in New York for cannabis products?

In Q1 2024, 53% of orders were for cannabis flower, 27% for edibles, and 15% for vape pens.

How does New York's Average Order Value (AOV) compare to the national average?

New York's AOV is $123.16, while the national average is $80.78.

What percentage of orders in New York are for delivery compared to the national average?

44% of orders in New York are for delivery, compared to 60% nationally.

What is the age-based consumer preference for cannabis in New York?

Consumers aged 50+ prefer edibles (54%), while those under 50 prefer vape pens (26%).