Revelry 2025: New York’s Cannabis Market Finds Its Stride

In September, Revelry returned to Pier 36 in Lower Manhattan for its second year with a dazzling showcase that filled the massive event space. The two-day event encompassed both an industry-only day and a public festival, allowing brands not only to meet buyers and investors but also connect directly with consumers amid live music and cultural programming.

Industry strategist Hirsh Jain called Revelry a barometer for the state’s cannabis market. “Trade shows can be an effective way of taking the temperature of a state’s cannabis market,” said the founder of Ananda Strategy. “The energy at Revelry in New York City was palpable and seemed to be a direct reflection of the remarkable growth that New York’s market has seen this year.

Jain pointed to the sheer number of brands and retailers represented at the show. In mature states, cannabis trade shows can feel subdued as businesses consolidate or close, but in New York, the energy was different. “Revelry felt just the opposite — brimming with energy, enthusiasm, and optimism that New York’s cannabis market would continue to expand and create opportunities for stakeholders of many kinds,” he said.

New York’s market has weathered challenges in the two and one-half years since the first adult-use dispensary opened. Nevertheless, the state generated more than $1 billion in recreational sales between January 2023 and December 2024.

Supply and demand challenges 

By June 2025, New York regulators had licensed more than thirty-seven dispensaries, but cultivation and processing capacity haven’t kept pace with product demand. That mismatch is creating shortages in concentrates and manufactured goods such as gummies and vapes and fueling what operators call an “inversion problem” — a situation in which demand outpaces the licensed supply. Until more extractors and cultivators come online, there will be bottlenecks in the supply chain.

Karli Miller-Hornick, co-founder of Florist Farms and an early mover in New York’s hemp and cannabis markets, is experiencing these growing pains firsthand. At her Revelry booth, she pointed to the persistence of inversion and the influx of cheap, out-of-state product undermining licensed operators. She also underscored the need for enforcement. “You can just look at the numbers to see how much was grown and sold; simple math,” she said. “If you are going to set regulations, you need to enforce them. For now, there are no consequences for illegal activity.”

Miller-Hornick supports the rollout of a long-delayed track-and-trace system. Even though track-and-trace would create more work for cultivators, she argues it could curb illicit activity and restore fairness to the market.

Several exhibitors echoed Miller-Hornick’s concerns, especially concerning concentrate shortages. According to Jain, “This reflects the fact that New York’s supply chain is still immature and not yet able to satisfy the robust demand for the variety of cannabis products New Yorkers want. However, as more manufacturers become operational in the coming months, it will likely reduce the frequency of inversion.”

Another factor contributing to the imbalance is the pressure on new brands to establish themselves while they wait out the slow process of license approval. Many are turning to white-label manufacturing as a stopgap to get products on shelves quickly. Claudio Miranda, co-founder of Budist and a longtime California operator who attended Revelry, observed this is a common go-to-market strategy in new markets. “It’s an expedient way to get your products to market for those who want to get in on this rapidly developing market and start building brand awareness,” he said.

What New York can learn from mature markets

Headset’s Steph Woods observed New York’s cannabis market feels similar to California and Canada during those markets’ early recreational days, with operators repeating some of the same mistakes. One recurring issue, she said, is many retailers still lean on manual spreadsheets rather than adopting available tech tools that could streamline operations and free up time for higher-level strategy, especially regarding procurement and product assortment.

For operators, the key is to stay ahead of the curve by paying closer attention to sales data. Woods stressed that reviewing performance at least monthly is essential in a market evolving as quickly as New York’s. Category leaders are shifting constantly, consumer preferences change rapidly, and price compression already is taking hold.

Discounting, she warned, is a particular risk. While promotions may provide a short-term sales bump, heavy discounting — which is common in markets like Arizona — erodes margins and trains consumers to buy only when prices drop. At the same time, larger multistate brands entering New York through licensing deals or direct operations likely will bring both polished playbooks and aggressive tactics, including paying shelf-space premiums, that could tilt the playing field.

“The market is moving fast,” Woods said, “and the operators who use data and disciplined strategies, not quick discounts, will be the ones positioned to win.”

How New York’s cannabis consumer is evolving

Jody Cowan, a sales representative for Buffalo-based cultivator Electraleaf, shared insights from his territory in western New York. He said Native American tribal communities in the region are playing a noticeably active role in consumer education, offering lessons about home cultivation and teaching about indigenous growing practices that have been honed for thousands of years.

Cowan said younger shoppers increasingly are well-informed about cannabis science and terminology. Many already know what strain types or terpene profiles they seek, and they can distinguish between different concentrate types. “I’m finding my consumer base knows the difference between a live rosin and resin, and they know their [terpenes]. They know the lingo,” he said. At the same time, he sees more older consumers entering dispensaries with questions about replacing or reducing pharmaceuticals, exploring cannabis as an alternative therapeutic option.

Cowan praised Revelry’s decision to dedicate the show’s second day to consumers, giving the general public a chance to meet brands directly and learn more about the plant. “As an industry, we welcome the conversation; we welcome all the questions,” he said, noting events like Revelry accelerate the consumer learning curve and build stronger bridges between brands and the people they serve.

Revelry’s two-day showcase captured both the promise and the growing pains of New York’s cannabis industry. If the show proved anything, it’s that the state’s market is more than an industry. It’s a community. Brands, retailers, and consumers came together in Lower Manhattan to confront challenges, share insights, and celebrate a future that feels within reach.

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Key Questions About Revelry 2025 and New York’s Cannabis Market