October 17th, 2018 marked a pivotal moment in Canadian history – cannabis became legal across the country. On April 1st of this year, that moment further ignited action as legal cannabis shops officially opened in Ontario; a long-awaited feat post-legalization. The sell of cannabis via brick-and-mortar won’t seize at just Ontario, as other provinces are now showing interest in opening up their own legal shops in the near future.
The process for obtaining licensing to open said shops came through as unorthodox with the government issuing licenses via lottery as opposed to reviewing requirements. Albeit, those who were granted a license were subject to a deadline of April first with monetary ramifications should they fail to comply with the set deadline.
The first cannabis shop to open was the Hunny Pot located in Toronto. The success of the launch was seemingly unmeasurable as demand flooded in and lines remained extensive even days after. The demand, however, has grown astronomically and supply remains a contingency when it comes to the sell of cannabis. With that being said, supply is not just an issue when it comes to brick-and-mortar; medicinal and online suppliers are still working to meant the demands of the market.
Although supplies may run low, the growth of retail cannabis shop will continue and with just a minute number of shops already open, their level of success in the market has been a determining factor in the overall success of brick-and-mortar cannabis shops. What makes these physical retail shops favourable amongst consumers? These shops allow cannabis users to obtain physical knowledge of various strains. Although online markets are popular, the physical element derived from these shops gives a more authentic and engaging experience for those purchasing cannabis.
What does the future look like for retail cannabis shop?
It’s still too early in the game to know just what the future of these physical retail shops looks like, however, their success in such a short period is telling. The ability to legally purchase cannabis from a tangible source is a key factor these retail shops embody. For owners of these shops, their investments in commercial real estate are beyond wise; catering to a large market across the province. Provided supply can always be met, it’s safe to say that success seems undeniable for these retailers.
Learn more about retail cannabis shops and their expansions across Canada here: https://www.redevgroup.com/news-article/ontario-cannabis-retailers-are-now-opened-for-business