Spyder Cannabis Inc. (TSX-V:SPDR) has announced the launch of its new retail dispensary brand, Offside Cannabis, dedicated to providing cannabis consumers with affordable prices and high-quality customer service.
The company said the brand will carry a tailored cannabis product assortment that will be appealing and relevant to the value-conscious demographic. In addition, Offside Cannabis will offer exclusive deals and unique benefits to its patrons.
"The new Offside Cannabis branding and messaging reinforces SPDR Cannabis' history of delivering a customer-centric operations strategy, and emphasizes on providing customers with good value at a reasonable price point," said Christina Pan, chief operating officer of Spyder in a statement, noting that the company has two operating cannabis dispensaries under the SPDR Cannabis banner, which the new brand will be replacing.
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"Value doesn't have to be boring, and this new design is positioned to combine our fun culture with the value we're offering," she added, noting that the interior aesthetic of the store features bright colours and edgy designs.
Pan continued: "We recognize the importance and growth of the value-focused customer segment, our new Offside Cannabis brand was designed to specifically service this group of individuals. Furthermore, our business model focuses on serving big-city-adjacent communities, rather than upper, mid, or downtown core consumers. We're 'off-to-the-side' of those markets, as well as the industry as a whole."
The new name and design are positioned to portray the brand as an outlier, while also being focused on community building. "We're Offside, which means we're on your side," the Spyder Cannabis COO added..
In order to accelerate Spyder's growth and dispensary footprint, the company said it is examining additional opportunities to convert other 180 Smoke Vape Store locations to dispensaries to leverage 180 Smoke's current customer base of over 230,000 registered accounts.
The first two Offside Cannabis dispensary locations are expected to roll out in Niagara Falls, located at 6474 Lundy's Lane and 5719 Victoria Avenue, respectively.
Dan Pelchovitz, chief executive officer of Spyder's Cannabis Division said: "This brand launch is part of our strategy to grow into new and emerging markets. We expect to apply for three additional Retail Store Authorizations in Hamilton, Ottawa and The Blue Mountains for premises within our existing lease portfolio. This would increase our dispensary footprint to a total of seven locations in Ontario, which should be well underway before the end of the year."
Spyder is an established cannabis and vape retailer that owns and operates two licensed dispensaries under the brand SPDR Cannabis in Ontario and 28 vape retail locations across Ontario under the retail brands 180 Smoke and Spyder Vapes. 180 Smoke is a leading omni-channel Canadian vape retailer with a strong e-commerce presence and over 230,000 registered customers across its B2C channel.
Contact the author at jon.hopkins@proactiveinvestors.com