While the province of Newfoundland and Labrador has its key policies in place for recreational legalization and has secured a supply agreement with Canopy Growth Corporation (TSX:WEED) to provide cannabis for the province, it is now ready to hear from prospective cannabis retailers.
On Feb. 19, 2018, the Newfoundland and Labrador Liquor Corporation, the provincial authority in charge of recreational cannabis, launched its cannabis information portal, Cannabis NL, and issued a request for proposal from prospective provincial cannabis retailers.
According to the RFP, an application must have an applicant’s profile, including resumes for key personnel; a business plan, covering finances, sales, marketing, auditability, risk assessment and online presence; a copy of a lease or purchase agreement for the proposed retail location; a financial clearance letter from the Canada Revenue Agency; strategies for social responsibility, safety and security; physical store design and layout; the location’s address and any plans to co-locate the cannabis retail operation with other retail activities.
Prospective cannabis retailers have until March 29 to submit completed applications and each application must be accompanied by a $125 application fee.
Between the island of Newfoundland and the mainland of Labrador, the province intends to license a total of 41 cannabis retail stores.
According to Canopy Growth’s agreement with the NLC, Canopy Growth could have as many as four retail operations in the province, with one operation housed within the company’s production facility.