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Tuesday, Aug 16, 2022
Mugglehead Magazine
Alternative investment news based in Vancouver, B.C.

Business

ShinyBud wants to be Ontario’s top cannabis retailer

The company plans to add 20 franchise stores this year

ShinyBud to acquire a pharmacy and broaden focus on health and wellness
Photo via ShinyBud

Cannabis retailer ShinyBud Corp. (TSXV: SNYB) wants to become the top cannabis retailer in Ontario by opening 20 franchise stores this year.

On Friday, the company said it launched its franchising program, which offers retail management support like location scouting, store design, leasing negotiation, onboarding, regulatory guidance and marketing.

ShinyBud also offers its contacts with “reputable” licensed producers.

The company has 35 stores across Ontario, where new retail licensees are approved every week. There are 1,971 stores currently authorized to open, according to the Alcohol and Gaming Commission of Ontario’s website.

According to the Ontario Cannabis Store’s second-quarter 2021 report, ShinyBud is the fourth retailer by store count in the province. Tokyo Smoke leads with 46 stores, followed by Sessions Cannabis and Spiritleaf, both with 37.

Ontario is Canada’s largest provincial market, accounting for around 39 per cent of national sales. In the second quarter last year, private stores sold $376 million worth of weed.

ShinyBud CEO Kevin Reed says he wants to apply the franchise model to advance growth for the year and beyond.

“As we grow, we are encountering strong inbound interest for this type of business partnership, and we have the core competencies to do it right,” Reed said in a statement.

Adding 20 franchise stores this year would bring ShinyBuds’ total to 55. Chart via OCS

The company’s COO, Mike Nadeau, has over 20 years of experience as a retail operating executive for popular quick-service restaurants including Tim Hortons and Recipe Unlimited.

“Over the last year, the ShinyBud label generated solid momentum and we assembled a team at both the board and management level with exceptional branding, franchising and retail operating expertise,” Nadeau said.

“This expertise is built off the back of nationally recognized retail brands and is unmatched in the developing cannabis sector. We plan to emulate the same principles for success as we launch our franchise program and continue building the ShinyBud brand.”

Read more: Ontario weed sales up 28% with convenience options rising: OCS report

Read more: Ontario NDP leader calls for vaccine passports at pot shops

 

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