The date for submitting your lottery expression of interest is quickly approaching. August 7-9, 2019 (8:00 pm EST is the cutoff time) is the deadline for submitting the prequalification requirements.
The prequalification requirements provided by the Alcohol Gaming Commission of Ontario (AGCO) consisted of having three documents being a letter of secured retail space, a bank letter confirming access to $250,000, and a bank letter confirming the ability to get a $50,000 standby letter of credit.
If you are lucky enough to win a spot in the second allocation of Ontario cannabis retail lottery here are 7 requirements that need to be considered if your EOI is selected on August 20, 2019.
- Store design and safety requirements have to meet AGCO regulations.
- Proof of product tracking and inventory control such as through a point-of-sale (POS) system. There are POSs specifically for cannabis retailers that can help stores manage their inventory and easily show reports.
- A physical security system set up inside and outside the store premises.
- A document outlining your store’s business plan.
- Staff training must be conducted for holders of a Retail Store Authorization, holders of a Cannabis Retail Manager Licence and employees of a cannabis retail store.
- A formalized agreement with the Ontario Cannabis Store (OCS) for product orders must be shown.
- When planning what your retail store and brand marketing will look like, keep in mind that your brand image and advertising must be within the regulatory framework. Advertising standards for marketing cannabis is strict in order to ensure protect young persons and others from inducements to use cannabis and enhancing public awareness of the health risks associated with cannabis use.
50 stores (42 for the general public and 8 for native reserves) will be allocated from the draw. If all goes as planned, Ontario will see the additional retail stores open and ready for business as early as October 2019.
If you have questions or need clarification on what’s required for getting your store prepared for an AGCO pre-opening inspection, contact our team of qualified cannabis consultants. dCC can help you through the process with ease and simplicity so you can fast track your business.