NOXX Cannabis has reported having a year of remarkable growth.
In the world of cannabis, competition among retailers is growing rapidly and making success difficult. NOXX, however, is making a name for itself in Michigan despite heavy competition.
NOXX’s strategy is simple but effective — focus on branding and creating a brand that fully embraces and uplifts cannabis culture. Despite having a cultivation license, NOXX decided to focus on what it does best — branding. In addition to creating its own in-house brand, NOXX carries a plethora of cannabis brands in its retail shops and, as a result, has one of the largest assortments of brands in the state. Its strategy certainly seems to be helping the company grow.
In August, NOXX was backed by Altmore Capital, which invested $15 million in the company to use for operational growth and future expansion. Altmore Capital is a specialty finance firm that invests in the U.S. cannabis industry. It was attracted by NOXX’s experience and innovation. During a time when capital raises are down, NOXX’s ability to obtain this investment speaks to the confidence many in the industry have in Noxx’s business model.
August also marked NOXX’s partnership with Forty Acres Enterprises, a Black-owned holding company. The companies’ combined goal is to nurture African American cannabis entrepreneurs, open new Black-owned cannabis companies and serve as an innovation incubator for African American involvement in cannabis in Michigan. The partnership’s first collaboration was a cannabis retail store that launched in September in Grand Rapids.
The retail location on 28th Street has been so successful that NOXX opened its second location at 1234 Plainfield NE less than 2 months later.
NOXX has developed a best-in-class e-commerce shopping experience for customers. Customers can browse and order hundreds of products online with options for home delivery or in-store pickup. The company’s focus on the customer’s experience may be proving successful for the brand. Perhaps one of the coolest and most unique options NOXX offers is its NOXXbot AI Budtender. NOXXbot is an artificial intelligence (AI) and science-backed technology that helps customers find the perfect cannabis strain to match their needs.
NOXX also announced in October that it has entered a retail and distribution partnership with international cannabis lifestyle brand Cookies. The partnership will include a new 3,000-square-foot Cookies flagship store in Grand Rapids that is expected to launch by the end of the year. Customers will have access to the largest selection of Cookies’ premium-quality cannabis in the state. The partnership will establish a Cookies Corner in both existing NOXX retail locations.
The company seems to have seen good growth in just a few months and it will be interesting to see how it expands goings into the new year.