There are more regulations on cannabis retail than more traditional types of retail, but managers in this industry will still benefit from developing certain skills and paying attention to fundamental management principles. Along with understanding licensing application processes and requirements, managers will excel with knowledge of:
- Staff training and development
- Branding and marketing
- Inventory management Store design and layout
How do you build the skills that contribute to managerial success? Keep reading to learn about a few techniques and strategies for successful retail management in the cannabis business.
Open a Cannabis Store and Hire Staff
When you open a cannabis store and take on the role of manager, it will be essential to make sure you have well qualified and reliable staff. Relevant experience and proper government training are necessary, but you will also want to consider soft skills and how the staff will work as a team. Some questions you can ask to learn about a candidate’s soft skills are:
- What do you do when you have more tasks to do than usual?
- Talk about a time when you worked with someone you were not compatible with and how you dealt with it?
- How would you explain a complex subject to someone who was unfamiliar with it?
When a new employee starts, they may already have retail experience and knowledge of cannabis products. However, it is the manager’s responsibility to make sure employees understand the particular way your store runs. When staff has in-depth knowledge of products and operations, customers will appreciate it. Good training reflects well on both you and the store.
Many experienced retail managers highlight the importance of stock management in successful businesses. As a manager, you will need to keep track of:
- Stock turn, also known as turnover. How many times did you sell through your entire inventory in one year?
- Highs and Lows: which products sell the most and which sell the least?
- Category performance: are there types of products that sell better than others?
- For example, do you sell out of one type of edible while drinks stay on the shelf?
Your knowledge of brand management, as well as store design and layout, will also contribute to how you manage a cannabis retail operation in relation to inventory.
Don’t Forget Certification: Retail Manager Licensing
If you are interested in learning more about the cannabis industry and becoming a manager in cannabis retail in Ontario, you must have a Cannabis Retail manager licence issued by the AGCO. This licence covers cannabis staff who:
- Supervise, manage, or hire employees
- Manage the sale of cannabis
- Manage compliance issues relating to the sale of cannabis
- Buy cannabis stock for the store
- Enter into contracts for the store
It is also necessary for managers and any staff to undergo the AGCO training program before starting work.
Do you want to know more about training before you apply for a cannabis licence?
Contact the Academy of Applied Pharmaceutical Sciences today!