Home Business Cannabis retail plans proceeding despite losing lottery, Toronto company says

Cannabis retail plans proceeding despite losing lottery, Toronto company says

Cannabis retail plans proceeding despite losing lottery, Toronto company says
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‘We’re coming,’ says Jeremy Potvin, CEO and co-founder of Weedbox

A Toronto businessman whose company didn’t win the lottery to apply to open a cannabis store in Ontario says his business plans have not changed despite the setback.

Jeremy Potvin, CEO and co-founder of Weedbox, which describes itself a millenial-focused cannabis retail company, said the lottery results were “frustrating for sure” but the company has two stores under construction in Toronto and plans to expand to B.C. and California.

“This is a minor inconvenience for us,” Potvin told CBC Radio’s Metro Morning on Monday.

“They have maybe a six-to-eight month head start. By the end of the year, you will see 150 stores. We’re moving forward. We’re coming.”

Potvin, whose company runs an online cannabis accessories store, said the lottery results were disappointing because two-thirds of the winners were sole proprietors with some having no background at all in the cannabis industry.

“For the first hour or so, yes, it was disappointing. We have a big team. We have been working toward this for two years,” he said.

Being a sole proprietor means limited access to funding, he said.

“They have a lot to catch up on. There’s a lot to consider.”

Weedbox is not on the province’s official wait list to apply but it plans to reapply whenever the province accepts the next batch of applications, which Potvin said he hopes will be a “merit-based” process as opposed to a lottery.

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