Petalfast, a cannabis business Launchpad, and accelerator has expanded into the Arizona market whose value surpassed the $1.4 billion mark in 2021. Petalfast also announced a partnership with Consensus Holdings, an independently owned vertically integrated cannabis business that's based out of Arizona. Since 2014, Petalfast has helped several cannabis business launch into the vibrant and highly competitive California market and recently expanded its footprint to Michigan and Massachusetts. Petalfast is now looking to bring its proven track record for success to the Arizona market.
The Arizona cannabis market, comprising both medical and adult-use consumers, has been growing steadily in the last couple of years. Sales for the first half of 2022 exceeded $1 billion, not far away from the previous year's total sales which were $1.4 billion. The state receives millions of tourists each year, a number of whom are interested in sampling cannabis products. Small and medium-scale cannabis businesses can gain entry and visibility in the legal cannabis market in Arizona by partnering with Petalfast.
According to Petalfast's CEO Jason Vegotsky, the platform presents an instrumental scaling opportunity for cannabis brands and retailers.
“Arizona’s burgeoning adult-use market and well-established medical program, alongside its high consumer demand, give us an incredible framework to provide our two customers – cannabis brands and retailers – with the best services to scale their operations.”
Speaking about the partnership with Consensus Holdings, Shawn Falcon ridge who's the managing director had this to say: “The proven route-through-market model provided by Petalfast makes them an ideal partner to represent and expand our brand within the Arizona marketplace.”
In an interview with My Cannabis, Jason Vegotsky emphasized the importance of leveraging others’ experiences in order to increase one's chances for success in the cannabis industry. He explained why several cannabis businesses fail as soon as they launch into the industry. Biting more than once can chew or trying to do everything all at once is the sure recipe for failure.
Petalfast offers a full spectrum of services geared toward helping small and medium-sized cannabis businesses thrive in the industry. Through its incubator program, it provides new brands access to leading retailers while at the same time putting promising startups on the radar of the best retailers. Petalfast has played a key role in the success of leading brands such as Space Coyote, Emerald Sky, Yada Yada, and most recently Bloom Brands.