When it comes to retail, few categories are as lucrative, or as difficult to navigate, as the cannabis sector. According to analytics firm Statista, revenue generated from the cannabis market is forecasted to reach US$45.35 billion in the US by the end of 2025. Revenue in this retail sector is expected to rise at a compound annual growth rate (CAGR) of 2.24 per cent, leading to a market volume of US$49.56 billion by 2029. However, for as much fiscal opportunity as there is within this market, th
et, the reality is that it is an extremely hard field to play in when considering shifting legal guidelines of cannabis production and distribution per state and shifting interests of the modern-day consumer.
New York, where it has been legal to sell recreational cannabis only since 2022, is an especially tricky market for retailers to operate in.
One major player in the New York retail scene that has been garnering attention in the US is Arana Hankin-Biggers, the co-founder and president of The Travel Agency.
Alongside Paul Yau, the co-founder and CEO of The Travel Agency, Biggers is on a mission to deliver a top-notch cannabis shopping experience to the American shopper. While prioritising community-driven initiatives, many of which centre on supporting marginalised individuals who have been disproportionately harmed by the war on drugs, by working with non-profits and organisations such as the DOE Fund and the Cannabis Justice and Equity Initiative.
Since launching their first brick-and-mortar store in February 2023, The Travel Agency has opened multiple locations in Brooklyn and Manhattan and generated over US$80 million in revenue.
Inside Retail spoke with Biggers to learn more about the high-end cannabis chain that is taking the New York shopping scene by storm.
Inside Retail: How did The Travel Agency come about?
Arana Hankin-Biggers: It was very serendipitous.
My background is in real estate development and New York state politics, whereas Paul … was the one who brought the cannabis retail experience [to the table]. He was a fractional CFO for a very successful cannabis dispensary in Great Barrington, Massachusetts, and worked in the investing space, helping to raise money for various investment vehicles for cannabis businesses nationwide.
We were introduced to one another during the pandemic and we were both looking for new opportunities in the real estate space. This [store concept] was very much aligned with what I was passionate about in terms of working with mission-driven companies that are very purposeful in the ways in which they give back to the local community.
We knew very early on, before New York State cannabis regulations were even issued [in 2022], that we wanted to partner with nonprofits working in communities that had been disproportionately harmed by the war on drugs, which are primarily communities of colour.
IR: What inspired you to name the company The Travel Agency?
AHB: We came up with the name because we were trying to use language that connoted how you feel when you consume cannabis. To convey the purposeful, mindful and positive aspect of consuming and how it can take you to your best place and put you in touch with your best self.
We also wanted the name to describe and connote the work that the DOE Fund [a New York City-based nonprofit organisation focused on breaking the cycles of homelessness, addiction, and criminal recidivism] is doing in terms of transforming people’s lives.
We wanted the name of the store and the brand to be able to describe people who are transforming and evolving over time.
IR: The Travel Agency locations all have a fairly unique look for a cannabis dispensary. How was design taken into consideration for the stores’ look?
AHB: Very early on, we were very clear about creating a space that felt very serene and luxurious because we were very purposeful about distinguishing ourselves from the illicit cannabis market.
When we first opened [in 2023], there were still 3000 illicit brick-and-mortar cannabis dispensaries across the five boroughs of New York. We wanted to make it very clear to New Yorkers, consumers and the general public that we are not an illegal shop.
Our first store location was in Union Square, which is very close to several design institutions like The New School and Pratt. So we leaned into creative design and partnered with artists and amazing high-end design architects [like New York-based firm Leong Leong] to create a space that felt like you were being transported when you walked in.
The first store was inspired by a terminal at John F Kennedy International Airport. The second store in downtown Brooklyn is inspired by a European underground station, like the London Tube. The Fifth Avenue store is inspired by a grander train station, like Grand Central, but there’s also this chrome palm tree in the front [of the store], which is kind of reminiscent of Miami Beach as well. Then the fourth store in Soho was inspired by more of a space slash parallel universe theme, with a trippy vestibule and chrome-wrapped columns.
IR: Four stores in two years is no easy feat. What has it been like ensuring this rate of expansion without overwhelming yourself or your staff in the process?
AHB: We have grown incredibly fast. I mean, I certainly feel overwhelmed from time to time. It’s been a really amazing ride, and we’re just getting started.
With the first store, it was easier to garner a lot more earned media and press because we were the third official cannabis dispensary in the whole state, and there weren’t many options for people to go buy cannabis legally.
Now there are many more legal cannabis dispensaries in New York City and New York state, so we really have to maintain a competitive edge by continuing to improve, refine and change ourselves. From finding creative ways to market the stores to leaning more into events, partnerships and creative activations with brands and by beefing up our customer service skills.
Recently, we have invested in hiring a learning and development professional, who spends a lot of time with each customer-facing employee to strengthen their knowledge around cannabis education.
We’re leaning into more clienteling and being able to help advise customers with regards to finding the best products to fit their needs. Doing a deep dive into how they use cannabis and what they’re using it for, and helping to direct them to those products that can best fit their needs, while encouraging and supporting more purposeful consumption.
People don’t come in [to dispensaries] just to get high. People consume cannabis for lots of different reasons.
They consume it because they’re having issues with sleep, anxiety, bad menstrual cramps, or they’re dealing with chemotherapy and radiation, or they just had a surgery and they don’t want to take opioids as they wean themselves off of pain killers.
Most of the customers we see who come in have a substantive reason as to why they’re consuming cannabis, so it’s important that our team continues to improve their training day in and day out.
Research is constantly changing and evolving, the products are becoming more prescriptive and more descriptive in terms of how they can benefit consumers… It requires a lot to ensure that our team is the most educated team in the entire market. That’s been our goal, and I think we’ve achieved that.
IR: What’s next in store for The Travel Agency?
AHB: For us, it’s just about growing the business.
We only opened our Soho location about two weeks ago, so we still have lots of time, energy and attention focused on wrapping that store up.
With this location specifically, we’re looking forward to doing some fun pop-ups and finding creative ways to partner with fashion companies.
We’re also focused on continuing partnerships that we do out in the city, such as being the first cannabis company to sponsor the New York Film Festival ot hosting a book club with The Center for Fiction in downtown Brooklyn.
We’ve also partnered with the jewellery boutique Catbird to introduce the female market and local consumers to cannabis cocktails, which are really hot thing right now for people who are trying to transition away from consuming alcohol, but are looking to create a similar sort of feeling of euphoria, without the hangover and the calories.
We’re focused on just expanding our network and widening our community, because, really, cannabis is all about community, which means working with local groups, businesses and organisations.
IR: It’s clear that community and advocacy are very strong pillars for how the business operates. How does it feel to have a brand that’s not only catering to customers of varying backgrounds, but is also run and owned by people within so many intersectionalities?
AHB: It makes a world of difference for me. The leadership team is comprised of Asian Americans, like Paul Yau, and me as a Black American and queer folks and a great number of women.
It’s an incredibly diverse team, and it’s part of why I’m so passionate about being able to work in this space and to build a company from scratch.
It really allows us to be able to shape the culture and the space that we want to create.
I came from a background of real estate and politics, which is really dominated by older white men. It really makes a big difference when you’re able to build and bring together people who have shared values, who communicate in very similar ways and who are more grounded and generous in their approach.
We’ve been very purposeful about bringing people together who all operate in that way and who share our values. That is what has led to the creation of the brand and the business, and we’re very purposeful about making sure that it trickles down to our employees as well.
IR: What is a piece of advice you would give to yourself at the beginning of your journey with The Travel Agency?
AHB: When we first started, our numbers were really strong because we were the third legal dispensary to open in the entire state, which was exciting, but we kind of ran along without developing a plan.
I would definitely have said to take a breath before deciding to expand. We expanded so quickly without a clear plan, so before you run out the gate, you should take a deep breath and spend some time strategising and thinking about what your ultimate goal is.