5Buds opens cannabis store in Warman

March 23, 2019 in News
Explorer: Spring 2019

On October 17, cannabis was legalized in Canada. And on November 30, 5Buds Cannabis opened the doors to its first store in Warman.

“The first couple months of operations have been incredibly exciting,” says Corey Tyacke, Retail General Manager of 5Buds. “We’ve accomplished a lot in a short period of time, and to be a part of a brand-new industry like this is a once-in-a-lifetime opportunity. “

In June, the Saskatchewan Liquor and Gaming Authority announced recipients of the retail cannabis selection lottery process. Indigenous-owned Synergy Five Investments received licences in three cities: Warman, North Battleford and Yorkton.

“After that, it was go-time,” says Tyacke, who was hired in September. “Our team has been incredibly busy working to get the stores open, and just as importantly, building relationships. We’ve built excellent relationships with so many people – the suppliers, SLGA and their team, the City of Warman, the City of North Battleford, and the City of Yorkton, our neighbouring businesses, local media, RCMP, and more. We’ve strived to be a corporate citizen that everyone can be proud to have in their neighbourhood.”

As of mid-February, 22 of the 51 cannabis stores in Saskatchewan have opened. Many have run into issues getting steady supply. “We are really lucky – we haven’t experienced the same challenges as some of the others in our industry,” says Tyacke. “We’ve been able to offer a range of choice that is similar to the BC government website and is unmatched by any other cannabis store in Saskatchewan. I am proud of the strong relationships we’ve built with the licenced producers and our wholesaler and I think this has made a big difference and is what allows us to provide such an extensive selection to our customers.”

Sales have so far met projections, but one of the biggest challenges facing the fledgling industry is the black market. Recent reports have shown that the black market continues to hold a large majority of the cannabis market. “I think this will take some time to work through these challenges and there is opportunity for us to grow,” says Tyacke. “There are a number of reasons why so many people are continuing to purchase from the black market. For example, we can’t yet offer edibles, cbd-only and other products that people want and the black market is still offering. And it’s also difficult for the public to distinguish a legal shop from an illegal one, especially online. We do have a website and we are offering online orders with home delivery, but while doing a search online, it’s difficult for customers to distinguish a legal shop from an illegal one, and many of the illegal shops do a great job of looking like they are legal. I think everyone in the industry would like to see people shift from the black market to the legal one, and we will work through these challenges in the coming years to help ensure Saskatchewan customers have access to regulated cannabis products.”

North Battleford opened February 25 and Yorkton will follow later this year. “We are incredibly excited to enter the North Battleford market and the Yorkton market later this year,” says Tyacke. “We look forward to growing with the cannabis industry and expanding our brand to other locations in the years to come.”

Synergy Five Investments is a limited partnership with four partners: Athabasca Basin Development, Des Nedhe Development, Peter Ballantyne Group of Companies, and Prince Albert Business Development. Shareholders of these companies include 13 different First Nations in Saskatchewan. Synergy Five Investments operates cannabis stores under the name 5Buds Cannabis.

5buds.ca