Whatever you want to call it weed, cannabis, pot, or marijuana – it’s big business! Just in Canada, where Shopify is based, the legal cannabis market could hit $8.7 billion annually. Shopify has partnered with the Ontario Cannabis Retail Corp (OCRC), the province of Ontario governing subsidiary. The OCRC is part of the Liquor Control Board of Ontario. Unlike the US, in Canada legal weed is being sold by government run outlets instead of private dispensaries.
The OCRC has plans to launch 80 cannabis dispensaries by 2019, and an additional 150 by 2020.
Shopify will be used online and in the physical outlet dispensaries to handle transactions, inventory, display product information, and more.
The announcement of Shopify and OCRC sent Shopify’s stock price up 8%.
“We look forward to combining our expertise as a socially responsible retailer with Shopify’s world-class commerce solutions to deliver the safe, informed and reliable shopping experience that our new customers will expect,” George Soleas, the CEO of LCBO