Quantum 1 Cannabis CEO Russ Rossi: Store Expansion in North Vancouver and a New Venture
Quantum 1 Cannabis (CSE:QQ) CEO Russ Rossi shared that the company recently secured a lease to expand its store located in North Vancouver. The new store will be a 3,000 square foot full-service recreational cannabis store that features a contemporary design and the company’s signature customer service.
“We needed bigger space, so next door is available. It’s about 3,000 square feet. And we’re going to go to you on a lease for awhile, we just got it signed last week, seven days ago. We’re now renovating and we’re putting the applications in to have the bigger showcase store, which is literally — I mean, literally — next door to our other store, it shares a wall,” said Rossi.
In the interview, Rossi said that if things were up to him, he’d like to have eight high-revenue, highly profitable stores, so the company continues to rent spaces in cities where there are no cannabis stores yet. Currently, Quantum 1 Cannabis operates five stores in BC.
He also highlighted, “We are strong with zero debt, so we’re in a strong position to be able to acquire and be able to roll up. The biggest challenge would be the fact that right now you can only have eight stores.”
Aside from its full-service stores, Quantum 1 Cannabis also has an online learning and training component that has grown, thanks in part to the pandemic, which has taught everybody how to learn to thrive in an online environment. Rossi noted, “Our classes are logging in not just from Vancouver, but from Victoria, Toronto, the US, Minnesota, Los Angeles … and we don’t just have eight people in a class, we have 1,520. It’s amazing.”
Rossi also discussed the company’s newest venture: OnTrackTV, a free video platform for learning videos.
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