Ontario to allow retailers to operate up to 75 cannabis stores each
Ontario sees up to 1,000 pot shops to open in the province
Ontario unveiled new regulations on how it plans its rollout of private-sector cannabis stores late Wednesday, clarifying much of the details with legislation tabled at Queen’s Park a day later. A government official told BNN Bloomberg’s David George-Cosh that Ontario expects up to 1,000 cannabis retail stores could open in the province. The legislation also allows for pot retail stores to open up shop in shopping malls. Meanwhile, the government expects to lose $25 million in the 2018-2019 fiscal year operating the Ontario Cannabis Store while receiving $17 million in revenue for its share of the federal excise tax.
Retailers eye windfall with new Ontario pot regulations released
“This is going to be exactly like what Alberta’s oil boom did for their economy.” That’s how one cannabis retailer expects the retail landscape to fare once Ontario allows the private sector to open up pot shops in April. The statement comes on the heels of the Ontario government unveiling new regulations on how pot stores in the province can operate, including staying open between 9 a.m. and 11 p.m. and at least 150 metres away from schools. Some pot retailers told BNN Bloomberg’s David George-Cosh that they expect to hire 500 to 1,000 people to run their stores and expect to open as many as 75 stores once doors can open on April 1, 2019.
Canopy Growth also bullish on Ontario pot store plans
A day after reporting disappointing quarterly results, Canopy Growth CEO Bruce Linton praised Ontario’s cannabis plan, saying it will create a big wave in the recreational marijuana market in the next quarter. In an interview with BNN Bloomberg, Linton said he expects pot stores that open in the second quarter of 2019 will be packed with customers, adding that he hopes they’ll buy some of Canopy’s own products. Linton added that he believes “over the mid-term” medical cannabis will remain a big business as there will be millions of patients under a medical-only cannabis system in Europe, South America and Australia who will still require product.
CannTrust probably should have disclosed exec departures: CEO
CannTrust CEO Peter Aceto told BNN Bloomberg’s Andrew Bell the company will do a better job in the future of announcing management changes after two key executives left the company this month. Earlier this week, the Vaughan, Ont.-based firm confirmed to BNN Bloomberg that two leading executives – former president Brad Rogers and Michael Ravensdale, who was the head of production – left CannTrust to pursue other opportunities. Aceto’s comments come as CannTrust shares rose nearly 30 per cent Thursday, one day after reporting third-quarter results.
No spike in impaired cannabis driving since legalization: police officials
It’s been less than a month since Canada legalized pot, but police forces across the country haven’t observed a spike in cannabis-impaired driving. The Canadian Press reports that law enforcement officials did emphasize that more awareness of laws around storing cannabis in vehicles and passengers smoking weed need to be addressed. In a survey of police officials across the country, CP found that the initial numbers and anecdotal impressions suggest stoned driving isn't on the rise.
– The birth rate increase - approximately four births per quarter for every 10,000 women of childbearing age - that researchers observed in U.S. states that legalized medical marijuana usage compared to states that didn’t
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