Leef Brands aims to enter New York as new ‘asset-light’ MSO | How to buy Skittles Moonrock online

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Leef Brands Inc. (CSE: LEEF) (OTC: LEEEF), formerly Icanic Brands, announced Tuesday that it signed a binding letter of intent to acquire a Tier 1 processing license in New York and become a new multistate operator.

The company said it already secured a 7,000-square-foot facility and positioned equipment in New York to allow for “rapid market entry with minimal capital investment,” according to a news release.

“New York represents an incredible opportunity for LEEF Brands, particularly with concentrates used in 55% of all cannabis products sold in the state,” CEO Micah Anderson said in a statement.

The move comes as New York’s cannabis market has grown significantly, with sales rising from $160 million in 2023 to an estimated $1 billion in 2024, according to data from the state’s Office of Cannabis Management cited by the company. The market could reach $1.5 billion in 2025.

LEEF said it plans to carry its California business model into New York, offering a full range of cannabis concentrates including distillate, hydrocarbon and solventless extracts. The company said it will leverage existing relationships with California brand partners that already operate in New York.

“LEEF has spent the past eight years mastering our craft in California, the nation’s most competitive cannabis market,” Anderson said. “Expanding to New York is just the first step in a broader strategic plan to replicate our successful business model in new markets across the country.”

The expansion follows LEEF’s recent production capacity increases in California, where the company reported a 66% increase in ethanol extraction capacity and a 50% increase in solventless extraction capacity earlier this month.

LEEF has been transitioning away from consumer packaged goods to focus on bulk concentrate manufacturing, Green Market Report previously reported.

Anderson noted that the New York expansion “positions us to generate new revenue streams in 2025, increase margins, and enhance stability through market diversification – all while maintaining our high-quality standards.”

Hey friends, I’m excited to announce we are becoming an MSO and entering New York!@LeefBrands has signed a binding Letter of Intent to acquire a Tier 1 processing license in New York, positioning us to enter the state’s $1.5B cannabis market in 2025.

Key Highlights:
✅Secured… pic.twitter.com/R8wsR3Op9M

— Jesse Redmond (@jesseredmond) February 18, 2025