Ups, Downs, Starts and Stops of Starting a Cannabis Business
It was July of 2019 and the cannabis lottery was in full swing and we had committed to starting a cannabis store in Windsor. My business partner and I were rushing to prepare all of the documents to apply for the second round of the cannabis lottery. All of our documents were submitted less than 24 hours before the deadline… and we started the minute it was announced.
After all of the hysteria of the lottery and the inevitable loss, we decided to close our bank account and go back to our day jobs. As luck would have it, we would be put in a position to start again leading to the launch of Boondom.
Throughout the recruitment of our team, many asked what have been some of the challenges of working in this industry, so I thought I would put together some of the pros and cons of starting a cannabis store in Windsor.
Pros of Starting a Cannabis Store in Windsor
1. It is a Massive Market
The cannabis market, depending on who you listen to, is projected to be worth around 8 Billion dollars in Canada by 2024. This is as large as the entire confectionery market. Think of all of the chocolate cookies and candies that you run into day to day. Yeah, it’s that big.
2. It’s a Consumer Facing Business
I have spent most of my career in business-to-business sales. Promotions in this type of business are, dare I say, boring. In a customer facing business you have more flexibility to be something unique and different.
3. We Have Met Some Amazing Local Partners
Windsor is known to be a place that entrepreneurs can thrive. Growing up here, these businesses become part of our upbringing. Dairy Freez, Francos Pizza are just a couple favs. We have been able to find some incredible partners in Michael Difazio Reclaimed Artistry and Southpoint Printing just to name a few. It feels good to support local businesses.
4. People are Excited
The cannabis industry is new and exciting. Naturally this excitement extends to our community. We have spent many hours working at the store preparing for opening and many people stop by to have a look. People of all ages and walks of life are excited to see a store popping up in their neighborhood.
5. We are Supporting our Local Community
Lastly, but most importantly, we are providing opportunities for those in our community. From hiring local vendors to becoming an anchor in the neighborhood to bring more traffic to other businesses to providing an income to our staff, we are excited to be able to support our community in this way. We also look forward to raising money for various local charities once the doors are open. Stay tuned for that.