August 21, 2023
Priscotty™ has been making waves in the news and on LinkedIn. But who exactly is Priscotty, and what value do they bring to the New Mexico (NM) Cannabis retail marketplace as the leading Direct-to-Consumer (DTC) service for cannabis shoppers?
On August 21, 2023, the concept of cannabis delivery is gaining popularity, and Priscotty is at the forefront of this trend. Priscotty, founded by Scott Prisco in 2021, was established to address the growing demand for cannabis delivery services. Scott Prisco, an entrepreneur at heart, recognized the significance of cannabis delivery in New Mexico's cannabis industry, especially for customers who either cannot or prefer not to visit physical dispensaries.
According to a recent study titled "New Mexico Cannabis Demand Modeling, 2022," released in March 2023, it's revealed that cannabis shoppers typically seek dispensaries within 5 to 10 minutes of their location. When factors like traffic congestion, distance, or fatigue come into play, cannabis delivery emerges as an ideal solution.
Priscotty was officially launched in early February of the same year. Prisco had applied for a license in early 2022 and received the right to operate by August 2022. Over the following months, he forged partnerships and signed contracts with dispensaries in Albuquerque.
Priscotty's ordering process is straightforward. Customers need to provide a valid photo ID or passport to sign up for delivery.
Prisco emphasizes trustworthiness as a core principle of their business, promising transparency and professionalism, ensuring the highest quality of service.
Priscotty's website indicates that they have partnered with over 30+ dispensaries, with all but three located in metro Albuquerque. Data from The Data Heard, which examines CCD data, reveals that 66% of licensed retailers in Albuquerque report monthly sales of less than $50,000, suggesting a prevalence of small businesses in the market. These retailers, facing financial pressures, welcome an alternative means of increasing sales, engaging with customers, and building loyalty.
Prisco shared that over 90% of their delivery customers become repeat users, demonstrating a strong commitment to the service.
Notably, Priscotty customers tend to have larger purchase baskets, averaging between $100 and $115. This stands in stark contrast to in-store sales, where the average basket size is approximately $42.61, indicating that Priscotty customers purchase a wider range of products.
Prisco also mentioned that Priscotty customers often include premium-priced products in their orders, such as $40 gummies, along with additional items like pre-rolls.
The consumer demand for Priscotty's services is evident, and the company is poised for aggressive growth. They are expanding to Las Cruces, New York, and New Jersey, responding to the demand in these emerging cannabis markets. To learn more about Priscotty, visit their website at https://priscotty.com/.