A Lot Can Change in 16 Years
Coss Marte, the founder and CEO of Conbud, one of the first fully-licensed recreational cannabis dispensaries in Manhattan, went from serving a seven-year prison sentence for a drug conviction in 2009 to expecting to bring in as much as $12 million in sales this year.
Marte’s business currently generates roughly $800,000 in sales per month, with nearly $100,000 in profit. He projects a final tally of roughly $7 million for 2024. After being granted an early release from prison in 2013, Marte launched a fitness business called Conbody, based on his workout regimen from behind bars. When New York legalized the sale of recreational cannabis in 2021 and expunged all past convictions for marijuana-related offenses, Marte saw an opportunity to apply for a retail license.
With a $10,000 grant from Defy Ventures, a nonprofit program offering entrepreneurship training and business mentoring to the formerly incarcerated, Marte launched Conbody in 2014. Eight years later, he paid $2,000 to apply for a retail cannabis license and raised nearly $1.2 million in additional seed funding from friends and family.
Marte’s company, Conbud, opened its doors in October 2023 and brought in roughly $250,000 in revenue per month until authorities shut down hundreds of unlicensed operators selling cannabis illegally last year. Despite the challenges, Marte is eyeing growth in a highly competitive market and is committed to prioritizing “social and economic equity” in the industry.
With a relatively slim 13% profit margin, Marte hopes that federal legalization of cannabis would allow him to access federal tax deductions for payroll and other business expenses, and expanded banking options with lower fees. He is also committed to hiring workers who have been “justice impacted,” meaning either they or a family member were incarcerated for a past drug conviction.
Marte’s story is a testament to the power of second chances and the impact that legalization can have on individuals and communities.