HITIF - VIDEO - High Tide CEO: Edibles Give Retail a Chance to Stand Out
The upcoming edibles market in Canada will allow retail players to set themselves apart from competitors, at least according to a retail and accessory executive.
Nick Kuzyk, chief strategy officer and senior vice president of capital markets for High Tide (CSE:HITI,OTCQB:HITIF), told the Investing News Network (INN) that he thinks the edibles market will allow retailers to use different strategies to attract customers.
Kuzyk, a panelist during the Lift & Co. (TSXV:LIFT,OTCQB:LFCOF) Cannabis Business Conference in Toronto, said retailers will choose which edible and infused products to carry based on their brand.
Health Canada has announced that its regulations on edibles and infused items will be finalized on October 17. The government expects these products to be available for purchase by mid-December.
Kuzyk told INN that his firm wants to expand its retail operations into Manitoba and BC. Currently, High Tide has 30 owned storefronts across Canada.
“The in-store experience is critical,” he said. “The way we’ve designed our layout and our brand is to be very approachable, very transparent.”
Kuzyk credited the firm’s achievement of these goals to its use of fishbowl islands, which let consumers view its products directly through glass displays.
When asked about the challenges that will come with sales of marijuana-infused beverages, Kuzyk explained that stores will need to iron out the final details on in-store displays for these items.
“That’s going to depend … Installing refrigeration and selling beverages in bulk like in a grocery (store) is a lot different than selling a unit for instant consumption on a convenience basis,” he said.
Kuzyk said there will be a discussion with consumers on what the expectations will be for the availability of these new products.
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Securities Disclosure: I, Bryan Mc Govern, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: High Tide is a client of the Investing News Network. This article is not paid-for content.
Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.