LPs may be struggling, but for REC retailers the year ahead could be a lucrative one. Fire & Flower aims to nearly triple its 2019 sales in 2020 (from $58M to $160M) and expand its 46 stores to 135 in 2021. Meta Growth aims to open its 90th Canadian store (up from 34 at present) by the end of the year.
Financial Post
- Yet Cannalyst Andrew “MollyTime” Udell stressed few REC retailers have the cash on hand to open more than a few stores at a time. Though with 50.1% ownership by convenience store giant Couche Tard, Fire & Flower is the best prepared to open more stores.
- To that end, Meta announced an agreement with Echelon Wealth Partners to sell that company $10M worth of stock. Proceeds will be used to expand the company’s Ontario retail offerings.
NewsWire - Meta also announced it would no longer sell its MED clinics to Evergreen Pacific Insurance Corporation, as originally planned.
Cannabis Retailer - In New Brunswick, MED advocates are circulating a petition calling on the government to “save medical dispensaries” by licensing stores in a free-market system, rather than selling crown REC retail monopoly Cannabis NB to a single private operator.
Country 94
The next front for REC retail is delivery, particularly with food-delivery services booming. But that expansion is hampered by limitations on third-party REC delivery services—only Alberta, Saskatchewan, and Manitoba even allow it.
BNN Bloomberg
- Ontario continued expanding its OCS delivery service, and Pineapple Express general manager Sarah Seale called for driver applications in the GTA.
Twitter—Sarah Seale - The Super Anytime REC e-commerce platform launched in Manitoba, offering consumers the option to select products from a variety of different REC stores, and have those products delivered by a third party.
NewsWire, Winnipeg Free Press
