BUFFALO NEXT: RETAIL As Western New York's first state-licensed pot dispensary Dank turns one year old this month, so, too, does the region's cannabis industry. And though Dank owner Aaron Van Camp did $9.4 million in sales this year, he's urging caution among those who would follow in his footsteps.
"People are going by our numbers. Don't go by that top store in your area that opened first," Van Camp said. Being first in the region got Dank a lot of attention – crucial at a time when traditional advertising was not allowed because of marketing laws that are just now being relaxed by the Office of Cannabis Management.
"I did over a million dollars in earned media. That's like me spending a million on advertising that I got for free," Van Camp said. Dank was also able to operate when an injunction kept other legal dispensaries out of the market, giving it an artificially large portion of market share.
Dispensary openings were halted twice in Western New York by legal injunctions. Even now, Dank competes with just 13 state-licensed dispensaries. As the region's recreational cannabis market matures, competition will only get more severe.
More than 70 licensees have received proximity protection for locations slated for upcoming dispensary openings across Western New York. "It's going to be a very different landscape with 70 stores open than one or 15. So we're glad we had that time period to really do well.
We'll probably have a bigger cushion than others if things get extreme.