Mamdani lead in New York mayoral Democratic primary leaves businesses on edge
NEW YORK (Reuters) -Business leaders in New York City voiced concerns on Wednesday, following progressive Democrat Zohran Mamdani's likely victory in the city's hotly contested primary for mayor the day before.
New York, the nation's preeminent financial center, boasts an annual GDP of more than $1 trillion and more residents than any city in the nation - many who are struggling with the high cost of rent, health care and groceries.
Those concerns motivated voters to come out in early voting, and in 100 degrees Fahrenheit heat (37.7 degrees Celsius) on Tuesday for the 33-year-old Mamdani, a self-described democratic socialist who finished first in the city's initial round of ranked-choice voting ahead of the frontrunner, former New York state governor Andrew Cuomo. Final results of the city's ranked-choice system will not be known for a couple of weeks.
Mamdani campaigned on freezing rent, free buses, and subsidized groceries, policies that business leaders say may not solve the affordability crisis and could push many to leave the city under threat of higher taxes. He has also called for a higher minimum wage and a new office to promote small businesses.
"Think about how crazy this situation is. A man who prides himself on being a socialist has a real shot at becoming the mayor of the heart of the global financial system," said Anthony Pompliano, founder and chief executive officer at Professional Capital Management, and one of the biggest investors in cryptocurrencies. "Irony doesn't even start to describe the situation."
Mamdani did not respond for immediate request for comment.
He will still have to win November's general election against current Mayor Eric Adams who is running as an independent and Republican Curtis Sliwa, who lost to Adams in 2021. Cuomo may also run in the general election as an independent.
Mamdani's promise to freeze rent resonated particularly in Manhattan, where the median monthly rent for an apartment sits at a record $4,571. A renter typically must earn 40 times the rent. As mayor, Mamdani would be able to appoint members of the city's rent guidelines board. Apartment owners say such a move would make buildings unlivable.
"A four-year rent freeze all but ensures these buildings completely crumble," said Kenny Burgos, chief executive officer of the New York Apartment Association, which represents several thousand property owners and managers. "I sympathize with folks who have an issue with the cost of rent and the lack of affordability, but there's a conversation to be had on policy that doesn't ignore the cost."
Shares of New York-based banks exposed to real estate fell on Wednesday, with Flagstar Financial and Flushing Financial, down 3.8% and 3.4%, respectively.
As of May, Manhattan's median rent was up 7.6% from a year earlier, up 6.6% in northwest Queens, and is at a record in Brooklyn, according to real estate company Douglas Elliman.
"I've lived in New York since 1990; it's only gotten worse for what it costs," said Marc Chandler, chief market strategist at Bannockburn Capital Markets. "Most young people I know have to have roommates."
Mamdani also campaigned on subsidized grocery stores, which drew opposition from store owners.
"If he opens stores and gives the product away for nothing on the city's budget, how do you compete with City Hall? People walk in, take what they want, they don't pay," said John Catsimatidis, a Republican donor and CEO of New York-based grocery chains Gristedes and D'Agostino Supermarkets.
Mamdani, if elected, would have to also contend with the city's dwindling operating budget surplus, which has been falling as the city's workforce shrinks due to retirees and people leaving the city, according to New York's independent budget office.
Whitney Tilson, a hedge fund executive who also ran for mayor but attracted little support, said that Mamdani was "totally unqualified to be mayor of one of the world's largest, most complex cities," and predicted that Adams would drop out and support Cuomo in an effort to defeat Mamdani.
Hedge fund managers Bill Ackman and Daniel Loeb blasted the outcome on social media following the results, with Loeb reposting a meme about Florida real estate agents laughing in delight.
Chandler dismissed the idea of a mass exodus. "If I had a nickel for every time I heard that, I wouldn't have to work anymore."
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Forbes
8 minutes ago
- Forbes
America's $3.1 Billion Cannabis Pre-Roll Habit: 316 Million Joints Smoked Last Year—Here's Who Cashed In
Jeeter Pre-Rolls Courtesy of Jeeter Once dismissed as a beginner's crutch for people who couldn't roll their own, the humble joint, now widely sold as a 'pre-roll,' has become one of cannabis' hottest commodities: potent, precise and proudly pre-packed. According to a new industry report from Custom Cones USA, Headset and Lake Superior State University, Americans sparked more than 316 million pre-rolls in 2024, fueling $3.1 billion in sales and claiming more than 15% of the entire legal market. What's behind the boom? Two things: infusion and innovation. According to the report, infused pre-rolls (joints enhanced with concentrates like hash, oil or kief) now dominate the category with a 44.4% market share, while multi-pack formats like five- and ten-packs make up nearly half of all sales. Potency, price and brand identity are the top drivers for consumers, 80% of whom consume cannabis multiple times per day. This shift has sparked a transformation in how pre-rolls are made and marketed. Automation is now the norm among top brands, with sophisticated infusion tech and premium materials setting the best apart. Some leaders, like California-based Jeeter , which built a $245 million business on kief-and-diamond-dusted joints, have bet big on luxury appeal. Others, like Dragonfly Cannabis, cracked the code on volume, selling more than 12 million units in 2024 at just $2.38 each –on average. And while local champions still matter—single-state operators like Goodlyfe Farms and The Refinery earned top spots—multi-state operators (MSOs) and publicly traded companies are driving scale and consolidation. GTI-backed Dogwalkers and STIIIZY, operating in five states, show how national footprints and capital access translate into dominance. This isn't just a boom. It's a battle for brand loyalty. And the pre-roll is ground zero. Who's Got The Fire? Meet The Top 10 Pre-Roll Brands From budget bangers to luxury-infused collectibles, these are the brands that moved the most joints in 2024. Some sell millions in a single state. Others ride national footprints and automation. But all ten have figured out how to roll product, identity and demand into market dominance. Forbes Inside The New Cannabis Power Play: Why B-Real, Mike Tyson And Method Man Are Betting On Seeds By Javier Hasse Notably, among the ten best-selling pre-roll brands of 2024, none were publicly led or founded by women, highlighting a persistent gender gap at the top of the cannabis value chain. While STIIIZY has partnered with social equity entrepreneurs like Cindy De La Vega at the retail level, ownership and brand leadership in the pre-roll space remain overwhelmingly male-dominated. So, who's winning the joint wars? Here's a look at the ten brands that rolled their way to the top in 2024, each with a different formula for domination. 1. Jeeter Total Sales: $245.3M | Units Sold: 9.96M | Market Share: 8.0% Average Price: $24.62 | Profit Margin: 34% Jeeter is the undisputed leader of the U.S. pre-roll market. With roughly $245 million in sales across four states, the California-based brand more than doubled its closest competitor in revenue. Known for its diamond-and-oil-infused Baby Jeeter five-packs, often rolled in kief and packed in collectible glass jars, the company has built a cult following and a premium reputation. The brand's bold packaging, flashy collaborations (from Bob Marley to Dwyane Wade), and flavor-forward drops helped Jeeter lock in 8% of the national market share, despite ranking second in units sold. With an average price of $24.62 and a 34% profit margin, Jeeter's formula of potency, branding and cultural clout is clearly paying off. 2. STIIIZY Total Sales: $110.5M | Units Sold: 5.07M | Market Share: 3.61% Average Price: $21.79 | Profit Margin: 41% Founded in California and known for its sleek branding and high-potency products, STIIIZY has become a dominant player in the infused pre-roll space. In 2024, the company pulled in more than $110 million in sales across five states, powered by its popular '40's' line of joints and blunts infused with live resin and coated in kief. With a 3.6% share of national pre-roll revenue, STIIIZY ranks second in total sales and leads the entire market in average profit margin. Unlike rivals chasing celebrity endorsements, STIIIZY leans into street credibility, polished design and concentrate heritage. Its Blue Dream '40's' five-pack was the best-selling pre-roll product in America last year, cementing STIIIZY's status as a potency-first powerhouse with premium packaging to match. 3. Dogwalkers Total Sales: $77.0M | Units Sold: 3.4M | Market Share: 2.51% Average Price: $22.66 | Profit Margin: 43% Dogwalkers built a national brand by thinking small—literally. Known for its 'Mini Dog' 0.35g pre-rolls, the brand helped turn petite cones into a preferred format for solo smokers. With $77 million in 2024 sales across nine states, Dogwalkers holds the No. 3 spot in the country, driven by niche sizing, premium flower and an identity rooted in real walks with a real dog. Forbes The New Faces Of Weed: Meet The Cannabis Content Creators Doing What Big Brands Can't By Javier Hasse Founded in Illinois in 2016 and now part of multi-state, publicly traded operator Green Thumb Industries, Dogwalkers markets itself as the go-to for mindful, manageable dosing. Its off-size pre-rolls come in stylish green or white tins and tubes, while its charitable arm, the Bailey Legacy Fund, supports local animal rescues. No celebrity endorsements here; just consistent product, sharp branding and some of the highest margins in the business. 4. Cali-Blaze Total Sales: $61.8M | Units Sold: 8.17M | Market Share: 2.02% Average Price: $7.57 | Profit Margin: 42% Don't let the name fool you: Cali-Blaze isn't from California. This Michigan-based brand skyrocketed to the No. 4 spot nationally with over 8 million units sold in just three states. Built on volume, flavor and affordability, Cali-Blaze specializes in infused pre-rolls like the Tarantula and Donut Blunt, some hitting 41% THC, at under $8 each. Founded in 2022, the brand has become a staple in Michigan and Colorado dispensaries, offering more than 30 flavor-forward SKUs and focusing on its own indoor-grown flower. No celebrity drops, no marketing gimmicks: just eye-popping potency, wide variety and serious loyalty from budget-conscious consumers and budtenders alike. 5. Presidential Total Sales: $43.3M | Units Sold: 2.58M | Market Share: 1.41% Average Price: $16.79 | Profit Margin: 49% With its bold claim as the 'World's Strongest' pre-roll, Presidential Cannabis secures the No. 5 spot nationally. Founded in 2012 by former pro basketball player Everett Smith, the California-based brand helped pioneer the infused category, combining THC distillate and kief with moonrock-packed cones and blunts. In 2024, Presidential sold 2.6 million units across four states, generating over $43 million in revenue with a hefty 49% profit margin. Presidential's high-potency products (like 1.5g blunts and triple-infused minis? lean into flashy packaging, cigar-style branding and a legacy of innovation. The brand doesn't just sell a smoke; it sells swagger. With collaborations like Pink Cookies with THC Design and Skywalker with Rove, plus a party-heavy marketing style, Presidential keeps its image loud, proud and potent. 6. Simpler Daze Total Sales: $31.5M | Units Sold: 4.33M | Market Share: 1.03% Average Price: $7.26 | Profit Margin: 46% Built on affordability and volume, Simpler Daze clinches the No. 6 spot nationally, thanks in large part to Michigan's massive appetite for pre-rolls. The brand, launched in 2021 by Glorious Cannabis, racked up $31.5 million in sales and moved over 4.3 million units across just two states, making it the third-highest pre-roll seller by volume in the country. Though the brand's price point hovers just above $7, Simpler Daze deals exclusively in infused joints under its Fire Styxx line, like the top-selling Unicorn Tears and Grape Escape, both THCa-infused. Packaged in minimalist doob tubes with stylized skeleton branding, the focus isn't flash: it's access. Marketed as 'simple, good weed,' Simpler Daze prioritizes terpene content and a mellow, sessionable high aimed at everyday consumers. 7. Goodlyfe Farms Total Sales: $29.6M | Units Sold: 7.10M | Market Share: 0.97% Average Price: $4.17 | Profit Margin: 45% Proving that volume can rival price, Michigan-based Goodlyfe Farms cracks the national Top 10 despite selling exclusively in one state. With $29.6 million in pre-roll sales on over 7.1 million units, Goodlyfe ranks fourth overall in total pre-roll volume sold (more than heavyweights like STIIIZY and Dogwalkers) at an average retail price of just $4.17. Nearly all of its products are infused, including its bestsellers like Unicorn Piss and Apple Fritter. Forbes 'Mutant Marijuana' Is Changing How Weed Is Grown (But It's Not What You Think) By Javier Hasse Founded in 2021 by Adam Piot and partners, Goodlyfe has grown its outdoor and greenhouse operation to 300 acres and recently expanded to New York. Its sun-grown cannabis is central to the brand's identity, marketed as terpene-rich and sustainable. Packaged in bright doob tubes with RAW cones and custom labels, Goodlyfe's affordable, high-potency infused joints have earned it cult status in Michigan's price-sensitive market. 8. Dragonfly Cannabis Total Sales: $29.3M | Units Sold: 12.34M | Market Share: 0.96% Average Price: $2.38 | Profit Margin: 49% Dragonfly Cannabis ranks eighth in total sales but first in the nation for pre-roll volume, moving more than 12.3 million units in 2024; more than any other brand on the list. Based solely in Michigan, the brand owes much of its reach to a highly accessible average price of just $2.38 per unit. That affordability doesn't come at the expense of profit, though, with Dragonfly posting a 49% margin. Its $29.3 million in pre-roll revenue reflects both the strength of Michigan's market and the power of high-volume strategy. All of Dragonfly's products are grown on a 150-acre outdoor and greenhouse farm in southwestern Michigan, where the company leans into organic methods and community engagement. Its lineup includes both classic and infused pre-rolls, with sleek black and red packaging and infused options featuring distillate, rosin or live rosin. Dragonfly's impact also extends beyond the retail shelf: the company donates locally to schools, food pantries, and veterans' organizations, building a reputation as a brand grounded in both value and values. 9. Lowell Herb Co. Total Sales: $28.3M | Units Sold: 1.00M | Market Share: 0.92% Average Price: $28.27 | Profit Margin: 51% A pioneer in premium branding and legal market presence, Lowell Herb Co. lands at No. 9 with over $28 million in 2024 pre-roll sales. While its unit volume is lower than most Top 10 contenders—just over 1 million—its high price point of $28.27 per item and sleek, sustainable packaging reflect its elevated market positioning. Based originally in Southern California and now operating nationally from its Hudson Valley HQ, Lowell is one of the most widely recognized names in American cannabis, with a trailblazing legacy that includes opening the country's first cannabis café. Lowell's pre-rolls, especially its signature 0.35g multi-packs and blended single-origin smokes, emphasize craftsmanship, terpene diversity and eco-conscious design. Each offering, from the 'Mind Safari' 10-pack to the 'Zen' and 'Happy' 6-packs, maintains a refined, earthy aesthetic in packaging and product alike. With celebrity backers like Mark Ronson and Sarah Silverman, a commitment to social justice hiring and iconic brand storytelling centered on cannabis rebel 'Bull' Lowell, the company continues to blend heritage with modern luxury in the pre-roll category. 10. Good Day Farm Total Sales: $25.9M | Units Sold: 1.33M | Market Share: 0.84% Average Price: $19.45 | Profit Margin: 46% Based in the South and surging thanks to Missouri's adult-use market, Good Day Farm closes out the Top 10 with $25.9 million in pre-roll sales and over 1.3 million units sold, all from just one state. Though it began as a medical cannabis brand serving Arkansas, Louisiana and Mississippi, Good Day Farm's entry into Missouri's recreational market in 2023 made it a dominant force in the state, controlling 16.5% of pre-roll revenue and 12.3% of units sold there. With an average item price of $19.45 and 525 products on offer, the brand has become a go-to for both infused and traditional smokers, and its national position could be even higher if other states' data were included. The company's Good Day J's line features classic pre-rolls in resealable mylar pouches, while Super J's bring potency with distillate infusion and kief coating, often packed in jars with bold branding and gold-inked slogans. For a luxury twist, its Southern Sweets and Good Day Blunts come hand-rolled with glass tips. But Good Day Farm isn't just about high-quality joints: it's a mission-driven brand supporting breast cancer research through its "Titty Sprinkles" strain and championing criminal justice reform with Last Prisoner Project partnerships. In the heartland, Good Day Farm is lighting up the charts, ethically and economically. Infused Pre-Rolls Dominate As Automation Becomes Standard Infused pre-rolls have solidified their role as the category's primary growth engine. In 2024, they accounted for 44.4% of total pre-roll sales—nearly $1.4 billion—and 29.7% of units sold, according to the report. This reflects a steady rise in market share over recent years and highlights consumer appetite for high-potency, flavor-rich products. While overall pre-roll unit sales increased by 13.5% year-over-year, infused unit sales grew 23.8%, far outpacing the growth of traditional pre-rolls. Forbes Weed In A Can: How Cannabis Drinks Are Changing The Ritual Of Drinking By Javier Hasse Driving this surge is widespread infusion innovation. Survey data in the report shows that 86% of brands now produce infused pre-rolls, with distillate remaining the most commonly used input. However, 58% of brands say they expect to see more consumer demand for solventless options like rosin and ice water hash in the coming year, signaling a shift toward more premium, clean-label concentrates. Most leading producers have adopted semi- or fully-automated cone-filling and infusion systems, allowing them to meet demand for multi-pack formats and novelty SKUs without sacrificing consistency. This shift is particularly important in price-sensitive markets like Michigan, where brands like Dragonfly and Simpler Daze rely on automation to drive volume while preserving margins. Still, the report cautions that quality and consumer trust remain essential. Brands with clear terpene content, consistent effects and strong QC practices are earning loyalty and repeat purchases, especially among daily consumers. Multi-Packs And Minis: Format Wars In The Pre-Roll Aisle As the category matures, consumers are getting choosier. Not just about what's inside the cone, but how it's packaged. In 2024, five- and ten-packs gained momentum as consumers looked for value, convenience and shareability. Nearly half of all pre-rolls sold now come in multi-pack formats. This trend is especially evident among premium brands. Good Day Farm's five-pack Super J's and Lowell Herb Co.'s 10-pack "Mind Safari" ranked among their top-selling SKUs. For high-end buyers, these packs offer better price-per-gram and an upscale, giftable presentation. For retailers, multi-packs boost basket sizes and encourage brand stickiness. Forbes How A Military Grad Turned A Coffee Table Disaster Into A Pink Cannabis Empire By Javier Hasse Meanwhile, mini pre-rolls—typically 0.3 to 0.5 grams each—are emerging as a top pick for wellness-minded and casual consumers. From Dogwalkers' Mini Dogs to Lowell's 35s, minis serve newer users, those seeking smaller doses or on-the-go sessions. Brands are also experimenting with hybrid packs, featuring multiple strains or effects in a single unit. This fragmentation in format underscores the evolution of pre-rolls from novelty item to everyday staple. Whether you're microdosing, sharing, or stretching your dollar, there's now a joint for that. What's Next For The Joint Economy? As the report makes clear, the U.S. pre-roll market is no longer niche. It's a $3.1 billion juggernaut defined by volume, potency and brand power. In 2025, expect continued growth in infused formats, further automation and greater segmentation by format and price point. Consolidation is also likely, with MSOs, venture-backed brands and public companies eyeing acquisitions or expansion in this high-margin category. At the same time, niche and local players who master efficiency and identity—like Dragonfly and Goodlyfe—can still carve out major wins. In the war for weed consumers, the humble joint is now the MVP. And the brands who roll with precision, purpose and personality will define the future of the category. Forbes This One Decision Could Cost America Up To $10 Billion A Year, According To Experts By Javier Hasse
Business Wire
14 minutes ago
- Business Wire
Artisan Studios Joins Vercel Partner Program to Drive Innovation in Modern Web Development
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Business of Fashion
19 minutes ago
- Business of Fashion
Fashion's Suppliers Want More Say on Climate Action
Fashion's manufacturing base wants a bigger say in the industry's sustainability efforts. Much of the sector's environmental footprint takes place deep in supply chains, where textiles are washed and dyed in energy-, water- and chemically intensive processes. But the industry's plethora of sustainability-focused initiatives are largely driven by brand demands. That's led to criticism that those with the most skin in the game have been excluded from conversations about how to bring about change. 'We are dealing with disparate demands from different brands asking for different things. Nobody wants to pay for it,' said Miran Ali, a Bangladesh-based manufacturer who has helped launch a new initiative geared towards giving manufacturers a bigger voice in fashion's climate conversations. At present, brands 'just make a statement and then expect us to pay the bill for it, or my workers to pay the bill, which is even worse,' Ali said. The Apparel and Textile Transformation Initiative aims to address this imbalance. The manufacturer-led programme launched on Thursday in London under the leadership of trade groups the International Apparel Federation and International Textile Manufacturers' Association. 'ATTI has been designed to strengthen manufacturers' leadership and accelerate environmental transformation and sustainability across the apparel and textile sectors,' said Matthijs Crietee, Secretary General of IAF. 'In an era in which industry faces unprecedented challenges, ATTI is a source of great optimism.' The initiative will be formed of country chapters, led by national industry associations, who will be responsible for developing plans to modernise and drive sustainable transformation at a local level in consultation with brands, financial institutions, civil society and policymakers. Pilot chapters have already launched in Bangladesh and Turkey, with more countries expected to join in the coming months. Learn more: Where Is the Money to Make Fashion More Sustainable? Decarbonising the industry is expected to take $1 trillion over the coming decades. Where that money will come from and how it's distributed remain open questions.
