MJBizMag February 2021 - 68

BestPracticesInRetail | Solomon Israel
Location, Location, Location
Market saturation, regulatory issues and financing are important considerations
when securing the best marijuana retail site
F
rom mom-and-pop shops to
corporate chains, everyone
in the retail business knows
that a carefully chosen location is
key to success. Medical marijuana
dispensaries and adult-use cannabis
retailers are no exception.
Although regulatory requirements,
license availability and market demand
will vary from place to place, marijuana
retailers on the hunt for a killer
location might benefit from:
* Understanding both immediate
local markets and regional trends.
* Creative thinking to find
underserved locations-
particularly for smaller players.
* Carefully considering the potential
benefits and drawbacks of buying
versus leasing.
* Identifying future markets
before local officials start writing
ordinances, then engaging early.
Think Local, But Also Regional
Prospective cannabis store operators
need to get intimately familiar with the
area where they want to open, advises
Michael Lord, chief operating officer
at Colorado cannabis firm LivWell
Enlightened Health, which operates 22
dispensaries across the state.
" Google Earth does not articulate
a true representation of boots on the
ground, " Lord said. " I think a lot of
people are siting (stores) in areas that
perhaps they've never visited, putting
locations (based on) just what looks
good on a map.
" It can vary in a neighborhood from
street to street. ... And I think that
businesses, at the end of the day, still
have to have a finger on the pulse of
the communities that they operate in. "
Erbn Green opened its first location in the uptown section of Toronto. Courtesy of Erbn Green
Knowing your prospective local
market is certainly important, but
Stephanie Goodman, CEO of Michigan
cannabis real estate brokerage Bricks
and Mortar Group, also recommends
doing regional market research in
surrounding areas.
" You might think
you've got this
great spot and
they're only going to
issue two licenses
in the city, but
immediately next
door, it's unlimited
(licenses), " she
said. " Knowing those
types of things helps
you forecast for future sales. "
Brian Mitchell, CEO of Los AngelesStephanie
Goodman
Courtesy
Photo
based marijuana company Shryne
Group, says the company sees the
biggest opportunities in areas of
California that still lack local cannabis
68 Marijuana Business Magazine | February 2021
Location is the foundation of any
retail operation, including cannabis.
But choosing the right spot for a
cannabis store can be complicated
by factors such as municipal
bureaucracies, local opposition
and increasing competition in fastdeveloping
markets. To find locations
that will get their businesses off on
the right foot, prospective marijuana
retail operators might wish to:
* Get intimately familiar with the
neighborhoods where they want to
do business.
* Seek out underserved areas with
overlooked opportunities.
* Think strategically about the
long-term implications of buying or
leasing.
* Make inroads with local officials
ahead of time.

MJBizMag February 2021

Table of Contents for the Digital Edition of MJBizMag February 2021

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