ShinyBud wants to be the best cannabis retailer in Ontario

Cannabis retailer Shiny Bud Corp. (TSXV: SNYB) aims to become the number one cannabis retailer in Ontario by opening 20 franchise stores this year.

The company announced on Friday that it launched its franchise program, which offers retail management support such as location research, store design, lease negotiation, onboarding, regulatory advice and marketing.

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

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

According to the Ontario Cannabis Store Q2 2021 report, ShinyBud is the fourth-largest retailer by number of stores 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 approximately 39% of national sales. In the second quarter of last year, private stores sold $376 million worth of weed.

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

“As we grow, we come across strong interest in this type of business partnership, and we have the basic skills to do it right,” Reed said in a statement. declaration.

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

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

“Over the past year, the ShinyBud label has generated strong momentum and we have assembled a team at the board and executive level with exceptional branding, franchising and marketing expertise. retail operation,” said Nadeau.

“This expertise is backed by nationally recognized retail brands and is unmatched in the growing cannabis sector. We plan to emulate the same principles of success as we launch our franchise program and continue to grow the ShinyBud brand.

Read more: Ontario weed sales up 28% with convenience options on the rise: OCS report

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

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