Consumers in Ontario will have to wait until April 1, 2019 to buy legal cannabis in adult-use shops as the provincial government outlines its rollout of the drug distribution.
After weeks of speculation, on Monday (August 13) the Ontario government confirmed its plan for the sale of adult-use cannabis in the province through private retailers.
The recently elected Premier Doug Ford will scrap the system put in place by the previous Ontario administration, in favour of an open system with private retailers in mind. However the province will only have online-sales available for consumers after the legalization of cannabis on October 17.
“We will be ready to put in place a safe, legal system for cannabis retail that will protect consumers,” Minister of Finance Vic Fedeli said. The minister added added the government has no plans to be in the business of operating a network of cannabis shops in Ontario.
A report from Marijuana Business Daily indicated the Ontario system is expected to see up to 500 retail licenses by the spring of 2019.
The government announced the introduction of an approving seal for “legitimate retailers” carrying product from licensed producers (LPs) only.
This decision from the Ontario government represents yet another delay for cannabis consumers in the province to gain legal retail options to purchase the drug.
Following the approval of Bill C-45 in the House of Commons and the Senate, Canadian Prime Minister Justin Trudeau confirmed the enactment of the bill was set in October, to accommodate the needs from the provinces to properly set up their models.
Municipalities in Ontario will be given what the provincial government is calling a “one-time window” to decide whether or not they will allow retail shops of recreational cannabis.
The province announced retailer hopefuls will have to follow a set of new mandates in order to be approved.
“Ontario will begin to consult on a number of rules all retailers will be mandated to follow including set hours of operation and staff training,” the province said.
This process will include conversations with Ontario municipalities, Indigenous communities, law enforcement, public health advocates, businesses and consumer groups as well as fellow province representatives.
Several cannabis companies have expressed interest in the retail landscape particularly with the province of Ontario. It will be key for investors to follow the performance of companies with retail aspirations during Tuesday’s (August 14) trading session.
On Monday the Horizons Marijuana Life Sciences Index ETF (TSX:HMMJ), which holds close to 40 cannabis stocks, closed the day with a 3.41 percent decline and a price of C$15.28.
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Securities Disclosure: I, Bryan Mc Govern, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: Hiku Brands is a client of the Investing News Network. This article is not paid-for content.
American cannabis sales hit US$17.5 billion in 2020, a research group’s new study shows.
Meanwhile, a Canadian cannabis producer began offering CBD beverages in the US, another move that shows how interested Canadians are in the overall US cannabis market at the moment.
Some pretty important news out of health and wellness; beverage and natural products company BevCanna Enterprises Inc. (CSE:BEV, Q:BVNNF, FSE:7BC) this week. For those of you following the Company with us, stay tuned.
As investors continue to prioritize cannabis opportunities in the US, market watchers expect mergers and acquisitions (M&A) to play a role in the future for Canadian companies.
A consolidation trend has been expected in the Canadian cannabis space for some time now based on the size of the market compared to the number of operations in the country.
BioHarvest Sciences Inc. Unveils the Unique Polyphenolic Content of Its Upcoming Olive-Based Nutraceutical
The product will include polyphenols known to have significant health benefits.
BioHarvest Sciences Inc. (CSE: BHSC) (“BioHarvest” or the “Company”) has reached an important milestone in its development program of additional Nutraceuticals. The olive-based Nutraceutical product scheduled for market availability in the second half of 2022 will contain the following unique matrix of polyphenols: hydroxytyrosol, trosol, and verbascoside. These compounds are the major polyphenols in naturally grown olives and are responsible for the high antioxidant activity of olives and olive oil. Importantly, the BioHarvest olive-based Nutraceutical product will provide all the benefits of olives and olive oil with a low calorie count per serving.
Cresco Labs (CSE:CL) (OTCQX:CRLBF) (“Cresco” or the “Company”), one of the largest vertically integrated multistate cannabis operators in the United States, announced today that it will report financial results for the fourth quarter and full year ended December 31 st , 2020 on Thursday March 25 th , 2021 before the market opens.
The Company will host a conference call and webcast to discuss its financial results and provide investors with key business highlights on Thursday March 25 th , 2021 at 8:30am Eastern Time (7:30am Central Time).