Cannabis Entrepreneur Thrives with $800,000 Monthly Revenue—16 Years After Incarceration

Sixteen years can bring about tremendous transformation in one's life.

From Incarceration to Legal Cannabis Trade

In 2009, Coss Marte faced a seven-year prison stint due to a drug-related charge. Fast forward to today, he anticipates earning up to $12 million annually from his legal marijuana enterprise.

At age 39, Marte stands as the founder and CEO of Conbud, a trailblazer in Manhattan for regulated cannabis sales, specifically in the Lower East Side region where his illegal drug activities once took place. The business has expanded with a second branch in the Bronx.

Conbud generates about $800,000 monthly, yielding nearly $100,000 in profits, according to financial insights shared with CNBC Make It. By 2024, Marte envisions more than $7 million in total sales.

Pioneering New Beginnings Post-Release

Released early from prison in 2013, Marte initiated a fitness venture dubbed Conbody, drawing from his prison exercise routines. Then, in 2021, the legalization of recreational cannabis in New York paved the way for the annulment of historical cannabis-related convictions.

Following New York's announcement in 2022 that individuals with past marijuana offenses would receive priority for cannabis retail licenses, Marte recognized a prime entrepreneurial opening, buoyed by his Conbody experience and state licensing prerequisites.

"I was mindful of the mandate requiring two consecutive years of a profitable business alongside a conviction record," Marte explains. "Few can boast such credentials for securing a cannabis retail permit."

Background and Resilience of Coss Marte

Raised on the Lower East Side, Marte was engulfed by the underground drug economy, leading him to drug dealing by the age of 13 when he aspired to wealth.

"As a youngster, asked about my future, I'd assert: 'I want to be wealthy,'" Marte shares. "Drugs were the first chance to achieve that."

Prison doctors warned Marte about his obesity and high cholesterol, prompting him to craft a rigorous body-weight exercise regime. Post-incarceration, Marte engaged with Defy Ventures, receiving entrepreneurial training and a $10,000 grant to support Conbody's establishment in 2014, which now earns around $1 million annually.

Investing in a New Chapter

In pursuit of a cannabis sales license in 2022, Marte invested $2,000, channeling approx $50,000 from his Conbody profits and public speaking toward Conbud, gathering an additional $1.2 million from his network for startup funds.

To comply with New York's stipulation, Marte retains a 51% majority ownership of Conbud.

These initial investments covered a $400,000 security deposit for the Lower East Side shop, alongside equipment and workforce funding. The store debuted in October 2023, with monthly earnings initially hitting $250,000.

Navigating a Competitive Market Landscape

The crackdown on illegal marijuana operations by New York authorities has offered a vital advantage for legitimate retailers like Marte striving for a foothold in an expanding market.

New York's Office of Cannabis Management affirms its aim to emphasize "social and economic equity" while warning that smaller entities might eventually succumb to larger, nationwide firms.

Marte acknowledges the significant business costs, notably in rent and salaries, squeezing his profit margin to 13%. Federal legalization might allow him to benefit from applicable tax reductions, possibly increasing profit margins.

"That profit could project to 25% with federal support," Marte notes.

Community Impact and Future Directions

Conbud and Conbody primarily employ "justice-impacted" individuals, encompassing those with personal or familial past incarceration for drug offenses, currently numbering 72 employees.

Reflecting on his post-prison life with limited means, Marte emphasizes his gratitude for his opportunity at a fresh start.

"I'm grateful for this dynamic community evolving alongside us," Marte concludes.