2024 Cannabis Industry Power Players

Nichelle Santos is the founder and CEO of CannaCoverage Insurance Services to protect businesses from financial failure with risk mitigation, compliance and insurance products in a highly regulated cannabis market. She strongly believes in the cannabis industry to bring plant-based medicine to health care with innovation, now available to employer sponsored plans. CannaCoverage will scale patient access and affordability, with advantages to improve health outcomes, increase productivity and bring cost savings to health plans.

What do you feel is the most urgent issue facing the New York-Cannabis industry?
The most urgent issue related to cannabis in NYC is the proliferation of unlicensed cannabis operations from cultivation, manufacturers and retail operations. Not only does the existence of illegal operations create unfair competition to legitimate operations, it poses a significant threat to public health and safety. There are no quality control processes in an unregulated illegal operation, leaving products exposed to the risk of contamination of pesticides, heavy metals, insects, placing consumers in harm’s way.

Do you have any cannabis industry-specific advice for people looking to break into the field?
The cannabis industry is still a very nascent and diverse market, requiring services for both plant touching and ancillary services. Start with education and research of the industry; bring your talent, energy, and passion to find your niche within the marketplace. Find good resources, attend cannabis trade shows: CWCBExpo and NECANN, as well as join cannabis trade associations such as NYS Cannabis Chamber of Commerce, CANY, M4MM, and others. Gain experience with an established cannabusiness.

What are your hopes for the future of the cannabis industry in New York?
My hopes for the future of the cannabis industry in New York are eternally optimistic as we transition from heavy criminalization and mass incarceration to commercialization of an industry that must be inclusive of communities disproportionately impacted and destroyed. The plant must be respected for its medicinal applications, as we know over 70 conditions/illnesses are impacted by medical cannabis. Rescheduling will prioritize research and alleviate the stigma to undo the madness of “reefer madness”.

What are some of the positive impacts you’ve seen from legalizing cannabis in New York?
The legalization of cannabis in New York has several positive impacts as the next economic engine to stimulate the economy, create jobs to increase tax revenue to reinvest in public services with social justice, social equity, health equity, and impactful policy. The end of prohibition introduces innovation in products and services; as an alternative to highly addictive prescriptions. Cannabis can be incorporated into various industries such as fashion, tourism, construction, environmental remediation, and renewable energy.

Jill Scher is a partner at Marcum’s Tax and Business Services group, acclaimed for her business acumen and 25 years of comprehensive experience. With a keen eye for tax minimization and incentive identification, she offers sophisticated consulting across diverse sectors. Jill is notably adept in the cannabis industry, providing guidance on entity structure, tax planning, and fundraising strategies. Her influence is marked by high-profile speaking engagements, leadership and active participation with financial and civic boards.

What do you feel is the most urgent issue facing the New York-Cannabis industry?
A significant challenge facing the NY cannabis industry is the ongoing conflict between state and federal regulations. Though legal in NY, since cannabis remains illegal at the federal level, there is a complex legal landscape for businesses and investors to traverse. It hinders access to traditional banking services, limits interstate commerce, and creates uncertainty for long-term planning and growth. Navigating this regulatory maze will remain a challenge for NY’s cannabis industry until federal laws evolve.

Do you have any cannabis industry-specific advice for people looking to break into the field?
For those entering the cannabis industry, success hinges on understanding its financial intricacies. Due to federal regulations, businesses face unique tax challenges like 280E. Seek guidance from an expert familiar with these complexities. Meticulous record-keeping, proactive tax planning, and compliance are crucial for long-term profitability in this rapidly evolving market.

What are your hopes for the future of the cannabis industry in New York?
As the cannabis industry matures in New York, I envision a vibrant and responsible market. I hope to see continued regulatory refinement, fostering a level playing field for businesses while prioritizing consumer safety. I also anticipate greater financial transparency and standardization, leading to increased investor confidence and broader economic growth for the state.

What are some of the positive impacts you’ve seen from legalizing cannabis in New York?
From my vantage point, New York’s legalization of cannabis has already spurred impressive economic growth. We’ve witnessed new businesses flourish, generating jobs and revitalizing communities. The regulated market has fostered transparency and accountability, while increased tax revenue promises to benefit the state’s coffers. I’m excited about the potential for further innovation and social equity initiatives as this industry continues to mature.

Yuvraj Singh is the CEO of Strain Stars, Long Island’s first state-approved recreational cannabis dispensary. Under his leadership, Strain Stars has quickly become a top-performing retailer in the industry, renowned for its commitment to education, safety, and customer-focused service. Yuvraj’s vision is to redefine the cannabis experience, making it accessible and sophisticated for all. Yuvraj has previous experiences in retail, managing Jasmart Group, a conglomerate of gas stations.

What do you feel is the most urgent issue facing the New York-Cannabis industry?
The most pressing issue is ensuring regulatory compliance while fostering growth and innovation. Navigating the complex legal landscape and addressing the challenges of high taxation, limited banking access, and ongoing stigma are crucial for sustainable industry development. It is imperative to create an equitable market that supports small businesses and justice-involved individuals.

Do you have any cannabis industry-specific advice for people looking to break into the field?
Newcomers should prioritize education and compliance. Understanding the regulatory environment, maintaining high product standards, and building a knowledgeable team are essential. Engage with the community and focus on creating a positive customer experience. Be patient and persistent; the industry is competitive and ever-evolving, but commitment to quality and integrity will set you apart.

What are your hopes for the future of the cannabis industry in New York?
I hope to see a thriving, inclusive cannabis industry that prioritizes social equity and economic opportunity. This includes widespread education on cannabis benefits, reduced stigma, and robust support for small businesses and justice-involved entrepreneurs. A well-regulated market will ensure safety, quality, and innovation, positioning New York as a leader in the national cannabis landscape.

What are some of the positive impacts you’ve seen from legalizing cannabis in New York?
Legalizing cannabis has led to economic growth, job creation, and increased tax revenues for New York. It has also provided safer, regulated products for consumers, reducing the risks associated with the illicit market. Furthermore, legalization supports social justice by addressing past inequities and offering new opportunities for those disproportionately affected by previous cannabis laws.

Ellis Soodak, 25, is the youngest dispensary owner in New York State. His store, VERDI, is a self-proclaimed rejection of corporate culture: Team members design their own uniforms, are given opportunities to advance their own businesses, and are encouraged to learn customers’ names. The weekends are studded with comedy shows, DJ sets, and even drag brunches. Through the chaos, one thing is clear: Ellis is hungry and here to stay.

What do you feel is the most urgent issue facing the New York-Cannabis industry?
Overall New York Cannabis is doing wonderfully. But, if I had to pick one issue it would be this: We need to be more efficient. If we can get wholesale prices lower, we will see the legal market flourish. One easy way to do that is to let cultivars produce more indoor grown flower. Importantly, with indoor you can get 4 harvests per year, compared to ~2-3 with outdoor. We’re leaving money on the table.

Do you have any cannabis industry-specific advice for people looking to break into the field?
Be a kind person. And apply for licenses. But, mostly be a kind person.

What are your hopes for the future of the cannabis industry in New York?
Alcohol x Cannabis x Psilocybin legally sold in one place with onsite consumption. Also, I think police officers should be allowed to consume cannabis off-duty. Seriously, who do you trust less? A drunk person with a gun or a high person with a gun?

What are some of the positive impacts you’ve seen from legalizing cannabis in New York?
A lot of people who you would never expect to try cannabis are now more willing to give it a shot, especially people that do not want to use copious amounts of prescription pharmaceuticals.

Sarah Stretchberry is a veteran cannabis operations expert with more than 15 years experience at Whole Foods prior to joining the cannabis space. Sarah is currently a partner and the chief operating officer at ApptitudePlus, a full-service cannabis consulting and advisory firm with an unmatched track record of winning cannabis licenses, and standing up businesses, across the country. Sarah is a California-native, a New England-transplant, and the mother of two young daughters.

What do you feel is the most urgent issue facing the New York-Cannabis industry?
Three words: the illicit market. New York made the mistake of allowing far too much lag time between the legalization of cannabis for adult use, and the licensing of adult use suppliers and retailers. This lag time allowed for what was already a thriving illicit market to explode. The thriving illicit market, coupled with the stringent advertising and marketing rules imposed on licensed suppliers and retailers has made it hard, if not impossible, for licensed operators to survive.

Do you have any cannabis industry-specific advice for people looking to break into the field?
The cannabis space is not for the faint of heart, there will be heartbreak, unforeseen obstacles, disappointment, and challenges that seem insurmountable, every day (before you even have your morning coffee)! But if you are the sort of person who thrives on finding solutions then the satisfaction and sense of accomplishment, you’ll find in being a part of changing the landscape can’t be found anywhere else.

What are your hopes for the future of the cannabis industry in New York?
My hopes for the NY market are just like my hopes for the rest of the country, normalization of a safe adult use product and thriving businesses. If we can allow for these businesses to compete on a level playing field without the illicit market competition, we will have successful businesses. But right now, legal operators are in a knife fight with both hands tied behind their backs, and that’s going to get bloody.

What are some of the positive impacts you’ve seen from legalizing cannabis in New York?
The New York cannabis community is strong. The partnerships, camaraderie, and teamwork I have witnessed since the launch of the New York market has been impressive and inspiring. It’s a testament to the New York spirit, and evidence of the love of the plant that runs deep in the veins of the Empire State.

Founded six months ago by Jeremy Rivera and Alessandro Cottone, Terp Bros has quickly become a staple in Queens. Their diverse backgrounds shape the dispensary’s ethos, making it more than just a place to buy cannabis. Terp Bros actively engages with the community through events, political support, and advocacy for legal dispensary owners. It’s not just about transactions; it’s about creating memorable experiences and fostering a sense of belonging for all who walk through their doors.

What do you feel is the most urgent issue facing the New York-Cannabis industry?
The most pressing issue confronting the New York cannabis industry is the proliferation of illegal smoke shops and out-of-state weed stores siphoning money away from legal businesses. Compounding this challenge is Tax Code 280E, which prohibits cannabis businesses from writing off many operational costs, stifling their growth potential. Normalizing cannabis businesses is crucial for our community’s prosperity.

Do you have any cannabis industry-specific advice for people looking to break into the field?
For those looking to enter the cannabis industry, location is paramount. Research areas with favorable market demand. Additionally, ensure you have a solid ramp-up plan and market your brand effectively before launching. Building a strong brand and establishing relationships early on can make all the difference in this competitive field. Stay informed, adaptable, and ready.

What are your hopes for the future of the cannabis industry in New York?
My hope for the future of the cannabis industry in New York is that we foster a collaborative spirit, supporting each other as operators. While competition is inevitable, unity among smaller businesses is crucial. By working together, sharing resources, and advocating for common interests, we can navigate challenges and ensure the industry’s sustainable growth.

What are some of the positive impacts you’ve seen from legalizing cannabis in New York?
The positive impacts of legalizing cannabis in New York are evident despite rollout challenges. Numerous businesses have opened, offering opportunities for individuals like myself to enter the “legal” industry. With cannabis recently rescheduled nationally, investor interest is growing, leading to more licenses and accelerated industry growth. Despite initial hurdles, the future looks promising, with increased access, economic opportunities, and a thriving cannabis landscape on the horizon.

Founded six months ago, Terp Bros has quickly become a staple in Queens. Their diverse backgrounds shape the dispensary’s ethos, making it more than just a place to buy cannabis. Terp Bros actively engages with the community through events, political support, and advocacy for legal dispensary owners. It’s not just about transactions; it’s about creating memorable experiences and fostering a sense of belonging for all who walk through their doors.

What do you feel is the most urgent issue facing the New York-Cannabis industry?
The most pressing issue confronting the New York cannabis industry is the proliferation of illegal smoke shops and out-of-state weed stores siphoning money away from legal businesses. Compounding this challenge is Tax Code 280E, which prohibits cannabis businesses from writing off many operational costs, stifling their growth potential. Normalizing cannabis businesses is crucial for our community’s prosperity.

Do you have any cannabis industry-specific advice for people looking to break into the field?
For those looking to enter the cannabis industry, location is paramount. Research areas with favorable market demand. Additionally, ensure you have a solid ramp-up plan and market your brand effectively before launching. Building a strong brand and establishing relationships early on can make all the difference in this competitive field. Stay informed, adaptable, and ready.

What are your hopes for the future of the cannabis industry in New York?
My hope for the future of the cannabis industry in New York is that we foster a collaborative spirit, supporting each other as operators. While competition is inevitable, unity among smaller businesses is crucial. By working together, sharing resources, and advocating for common interests, we can navigate challenges and ensure the industry’s sustainable growth.

What are some of the positive impacts you’ve seen from legalizing cannabis in New York?
The positive impacts of legalizing cannabis in New York are evident despite rollout challenges. Numerous businesses have opened, offering opportunities for individuals like myself to enter the “legal” industry. With cannabis recently rescheduled nationally, investor interest is growing, leading to more licenses and accelerated industry growth. Despite initial hurdles, the future looks promising, with increased access, economic opportunities, and a thriving cannabis landscape on the horizon.

Jennifer Tzar is from the backwoods of Minnesota and worked for years as a model and stylist in New York and Europe eventually becoming a photographer for fashion, travel and photojournalism. She went on to open a cafe and design studio in New York and a bar in Los Angeles. She was eligible for a license with the CAURD program and opened the Soho boutique of her luxury cannabis brand, Dagmar, this past December.

What do you feel is the most urgent issue facing the New York-Cannabis industry?
The illegal shops are the main deterrent to a thriving legal market.

Do you have any cannabis industry-specific advice for people looking to break into the field?
It’s not for the faint of heart!

What are your hopes for the future of the cannabis industry in New York?
I hope cannabis becomes more available to all different types of people and less stigmatized. I also hope it becomes a more readily available alternative to alcohol and cigarettes.

What are some of the positive impacts you’ve seen from legalizing cannabis in New York?
New users are feeling more at ease to try cannabis for the first time.

Keshawn Warner is a dynamic force in the cannabis industry, exemplifying versatility and multifaceted expertise. The East Harlem native, is a serial entrepreneur who graduated with a degree in computer science from Norfolk State University. Keshawn is relied upon to handle all hardware, software, and practical knowledge of cannabis information systems to run day-to-day operations. Passionate about philanthropy, Keshawn is heavily invested in giving back to the community and various charitable initiatives.

What do you feel is the most urgent issue facing the New York-Cannabis industry?
Stability! The NY market has gotten off to a very rocky start with all of the court battles and injunctions, plus at the federal level with reclassification instead of declassification, we are in a period of uncertainty. Many people have put serious investments into positioning themselves to participate in the market and are losing lots of money. The market is heating up and ready to grow but the instability is definitely stunting the growth.

Do you have any cannabis industry-specific advice for people looking to break into the field?
I suggest you become well versed in the compliance side of the industry. Compliance is one of the most misunderstood and downplayed aspects that is actually the most important. Most focus on the storefront, stocking, making sales, or making a product brand, packaging and marketing. When you are operating in any legal industry, there are compliance requirements that have to be adhered to, or the company risks being sued, fined or closed.

What are your hopes for the future of the cannabis industry in New York?
I see the industry maturing into a stable market that brings new opportunities for New Yorkers. We are at the cusp of a new industry that can be vital to the future of New York similar to how the shipping, garment and finance industries helped shape the financial landscape of New York.

What are some of the positive impacts you’ve seen from legalizing cannabis in New York?
The most positive impact I have seen is New Yorkers are no longer getting arrested for smoking cannabis the same way New Yorkers do not get arrested for smoking cigarettes. Second to that is the energy I am seeing from all ages looking to find their place in the industry. New York exudes entrepreneurial spirit and the opportunities this industry is providing is giving rise to so much talent, it’s amazing to see.