5Buds to open new location in Prince Albert
Prince Albert is getting a third cannabis store this fall.
In July, Prince Albert City Council approved the development permit for the city’s third cannabis store. 5Buds Cannabis will be opening in the Cornerstone mall, near the Save On Foods and next to the Dollar Tree.
The Prince Albert store will be 5Buds’s fourth location in Saskatchewan, with existing stores in North Battleford, Warman, and Yorkton that have been operating since cannabis was legalized in October 2018.
“We are very excited to be entering the Prince Albert market,” says Corey Tyacke, Retail General Manager of 5Buds. “As a locally owned company, we have worked hard to create a space where people can find a wide range of legal cannabis products, and where people can feel safe, comfortable and welcomed in a way that is unique to us here on the prairies. We think customers in Prince Albert will really enjoy what we have to offer.”
5Buds Cannabis is 100% Saskatchewan owned, and the majority of the owners are Prince Albert-based Indigenous investment companies. The company is owned by Synergy Five, which is owned by Athabasca Basin Development, Peter Ballantyne Group of Companies, Des Nedhe Group of Companies, and Prince Albert First Nations Business Development, representing a total of 13 First Nations in Saskatchewan.
“We are always on the lookout for new opportunities, and cannabis was a brand-new industry that has great potential,” says Geoff Gay, CEO of Athabasca Basin Development. “Together, we are four strong, local investment companies who collectively have ownership in over 30 companies in various industries, including gas stations, hotels, distribution companies, and many others. Three of the four of us have offices right here in Prince Albert, and we are very excited to be opening a store in our home town.”
“To our knowledge, a group of multiple First-Nations owned investment companies have not come together for a partnership quite like this before,” says Trevor Ives, CEO of Peter Ballantyne Developments. “This unique partnership has gone very well since we first came together two years ago. We are excited about the opportunities that the cannabis industry brings us and also for the potential for our group to partner in other business areas in the future.”
The store is expected to create 10-15 new positions for store leaders and retail sales team in Prince Albert. “Our staff takes great pride in the fact that we are local, that we hire local, and that our profits go back to First Nations communities in our province,” says Tyacke. “We anticipate that we’ll start advertising for positions in the very near future.”
5Buds will still have to obtain a Cannabis Retail Permit from SLGA, so the Prince Albert store opening will have to wait for SLGA to lift the provincial cap in September.
“When cannabis first became legal and we opened our first three stores, we were always hoping to be able to open more someday,” says Tyacke. “We were especially hoping for Prince Albert, so we’re thrilled to finally be making this store opening a reality.”