Latino Entrepreneurs Are Thriving In NYC's Cannabis Market—Here's The Proof

LISTEN UP, FOLKS! The cannabis market in New York City is on FIRE, and Latino entrepreneurs are leading the charge! This isn't your typical corporate takeover; this is a story of community, culture, and a whole lot of hustle. Let's dive in and see why these entrepreneurs are not just surviving but THRIVING in the Big Apple's green rush.

The Power of Community and Culture

First things first, let's talk about Happy Munkey. Co-founded by Vladimir Bautista and Ramon Reyes, this brand is more than just a dispensary—it's a movement. Happy Munkey started as an underground cannabis lounge, mixing music, art, and culture with a side of cannabis. They built trust, infrastructure, and community ties long before legalization. Now, they're fully legal, fully bilingual, and fiercely proud. This is what equity looks like when the neighborhood builds it!

The CAURD Program: A Game Changer

New York's Conditional Adult-Use Retail Dispensary (CAURD) program is a game changer. It prioritizes people directly impacted by cannabis criminalization, and by late 2024, more than half of CAURD licenses had gone to justice-involved entrepreneurs from historically targeted neighborhoods. Happy Munkey was among those first license recipients, not by luck, but by history. Bautista and Reyes had already earned trust, built infrastructure, and created community ties. Legalization only confirmed what the streets already knew.

The Latino Cannabis Association: Fighting for Fairness

The Latino Cannabis Association (LCA) is another key player. Founded to help Latino entrepreneurs navigate the arduous process of applying for licensure, the LCA provides assistance with legal issues, accounting, government relations, public relations, community relations, and networking. Jeffrey Garcia, president of the LCA, highlighted the inequities Latino entrepreneurs faced during the coronavirus pandemic, which led to the creation of the LCA. "The first round of (the Paycheck Protection Program) went to people other than us and we had to really fight with our local elected officials. Only until they allowed a second round of funding did we really get our help during the pandemic," Garcia said. This experience underscores the need for support and advocacy to ensure that Latino entrepreneurs can successfully navigate the licensing process and build sustainable businesses.

The National Hispanic Cannabis Council: Breaking Barriers

The National Hispanic Cannabis Council (NHCC) is another organization fighting to break down barriers for Latinos in the cannabis industry. Founded in 2021, the NHCC educates and empowers Hispanics interested in cannabis use and entering the industry. The NHCC's white paper on the state of Hispanics and cannabis revealed that Latinos make up only 5.7% of cannabis business owners, despite accounting for about 19% of the country’s population. This underrepresentation is a result of the historical stigmatization of cannabis use, which has disproportionately affected Latino communities. The NHCC's efforts to destigmatize cannabis use and provide bilingual materials to encourage hiring Latino staff are crucial in addressing these challenges and promoting the success of Latino-owned cannabis businesses.

The Numbers Don't Lie

The Future is Bright

So, what's next for Latino entrepreneurs in New York's cannabis market? The future is bright, folks! With a projected $4.2 billion in cannabis sales by 2027, the opportunities are endless. Happy Munkey isn't pursuing national scale or rapid expansion. Instead, they're focusing on authentic cultural impact, just like TAO Nightclubs. This intentional approach has shaped Happy Munkey's unique identity, and it's paying off big time.

The Bottom Line

Latino entrepreneurs in New York City's cannabis market are not just surviving—they're THRIVING! With a focus on community, culture, and equity, they're building successful businesses that resonate with local voices. So, if you're looking for the next big thing in cannabis, look no further than New York City. These entrepreneurs are leading the way, and the rest of the world is taking notice. BOO-YAH!