Five years post-legalization, the city of Mississauga has lifted the ban on cannabis retail stores and we are proud to share that one of our valued retail partners, Pop's Cannabis Co. has become Mississauga’s first legal cannabis store. This is a significant milestone in the city's history and we are excited to celebrate their achievements. To highlight these achievements, we sat down with Ryan Dymond, President of Pop’s Cannabis, to find out how Pop’s has managed to thrive and compete in the cannabis market.
Merrco: Tell us a bit about your experience in the cannabis industry.
Dymond: Having entered the cannabis space in 2019, I experienced firsthand the extreme saturation and aggressive growth cycle prevalent in the cannabis industry. The retail landscape was highly fragmented, leading to a transition period of consolidation, and unfortunately, closures. Despite these challenges, Pop’s managed to scale and break through barriers in the evolving cannabis market.
The licensing process and ordering/distribution challenges posed additional hurdles. Adapting to the evolving regulations by the Alcohol and Gaming Commission of Ontario (AGCO) was essential to maintaining compliance and ensuring a smooth operation. Overcoming obstacles related to product availability, quality control, and distribution through the Ontario Cannabis Store (OCS) required a nimble approach.
Merrco: What does having the first legal cannabis store in Mississauga mean to you and your team?
Dymond: It is a gratifying moment for the entire company. As Canada’s sixth largest city this is a monumental breakthrough for the residents of Mississauga and the cannabis community as a collective. We are pushing through barriers that have otherwise prevented safe access to regulated cannabis in this great city. We're excited to introduce a fresh, unique, and accessible cannabis experience to the residents of Mississauga. It is through our ongoing commitment to hospitality, education, safety, and providing quick, convenient service that will allow our customers make informed decisions about cannabis consumption.
Merrco: What advice would you give to individuals looking to open their own cannabis retail business?
Dymond: Understanding the potential market is crucial, including location analysis and identifying consumer personas. Real estate plays a vital role, and being able to secure a prime location is essential to compete effectively.
You must have a strategy not just to win today, but a long-term plan that allows for flexibility. Creating a point of difference in a crowded market is another key consideration. Developing a unique business model or concept that sets you apart from the competition will go a long in determining success of your store. Sustainable Cash Flow is a must! Buying is a significant weekly investment in a sector where product loyalty isn’t prevalent you have to create plan that allows you to stay in the “fight” when contending with discount cannabis retailers who have little concern for healthy gross margin. Additionally, understanding regulations and compliance is essential as marketing and advertising strategies are limited in comparison to traditional consumer packaged goods.
Merrco: How is your experience with Merrco, and why did you choose us for your business?
Dymond: The decision was influenced by several factors, including seamless integration with our POS provider and e-commerce platform. In our experience, Merrco provides reliable payment processing services and their robust security measures ensure the privacy and protection of customer information.
A Final Word
Innovative cannabis businesses like Pop’s Cannabis bring so much character and diversity to our communities. Pop’s Cannabis prides themselves on providing a fresh, unique, and accessible cannabis experience to their customers and, as Mississauga’s first legal cannabis retail store, they will continue to deliver on this promise to the residents of Mississauga.
Follow the Pop's Cannabis on social:
https://www.linkedin.com/company/pop-s-cannabis-co/