MJBiz Buyers Guide: Retail Strategy 23 - 11

MJBizDaily Buyers Guide Retail Strategy
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Store management also should understand the highly regulated nature of legal cannabis, which
directly impacts the timing of product supply lines.
" Due to the regulations in place on cannabis, there is always potential lag time between receiving
the product and placing it on the shelves for customers, " adds Frank Perullo. " Unlike traditional
retailers, legal cannabis retailers are forced through several arduous layers of compliance before a
product shipment can be received. "
Perullo points out that most legal markets require seed-to-sale tracking on their products, forcing
teams to pay attention to the details or risk falling behind on schedules.
" Shipments can take up to six to eight hours on the receiving end, and distribution is another level
of compliance for businesses to consider, " he adds.
TIPS FOR VETTING WHOLESALE SUPPLIERS
For non-vertically integrated retail companies, teaming
up with reliable wholesale suppliers is essential for
maintaining proper inventory.
Below are some key points to consider when vetting
potential wholesale suppliers, according to the experts
interviewed for this guide:
Visit the supplier's cultivation and manufacturing
facilities.
Physically inspect and sample the supplier's cured flower
or manufactured cannabis products.
Review the supplier's previous quality assurance testing
results.
Inquire about available inventory, frequency of harvests
and the supplier's existing retail relationships.
Inquire into the supplier's pricing options and possible
minimum order quantities.
Consider whether the supplier's brand vision aligns with your company's ethos and values.
Partner with brands that might appeal to your customers based on packaging, founder stories and
available products.
Reach out to the supplier's past/current retail partners and find out how the working relationship
has been for them.
INCREASE SALES WITH NON-PLANT ITEMS
Another inventory strategy to increase customer basket size offering an assortment of non-plant
items that complement cannabis products.
Such items can include practical goods such as lighters, rolling papers, trays, pre-roll tubes, air
fresheners, cleaning supplies and smoking devices as well as luxury items like branded apparel.
" Unlike traditional
retailers, legal cannabis
retailers are forced
through several arduous
layers of compliance
before a product
shipment can
be received. "
- Frank Perullo,
Ascend Wellness Holdings
11
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