Ontario

Tue
17
Sep

Ontario’s cannabis business posts $42-million loss in last fiscal year

Ontario said its government-owned cannabis business lost $42 million in the last fiscal year, while the province collected barely half the amount of excise taxes it estimated it would generate, in the latest symptoms of a shaky start to legalizing recreational pot in Canada’s most populous province.

The Ontario Cannabis Retail Corporation, a crown corporation that operates the Ontario Cannabis Store’s online retail business and sells wholesale cannabis to the province's private retail stores, generated $64 million in the fiscal 2018-2019 year, according to public accounts released on Friday.

Fri
06
Sep

CannTrust lays off 20% of staff after pot regulatory problems

An Ontario cannabis producer is laying off about 180 people following repeated problems with both its product and how it has been produced.

“We have made the extremely difficult decision to restructure our workforce to reflect the current requirements of our business,” said Robert Marcovitch, interim head of CannTrust Holdings.

The layoffs amount to about 20 per cent of the company's workforce.

Last month, CannTrust disclosed the Ontario government's cannabis retailer said it would return almost $3 million worth of cannabis to the company after determining that some of the products didn't live up to the terms of its supply agreement.

Wed
28
Aug

Toronto company develops DNA test kits that will basically ensure you never have a bad cannabis trip

Even though some may consider having a bad trip as normal, wouldn’t it be amazing if a person could learn how cannabis affects them before they even tried it? No more anxiety attacks, paranoia, bodily discomfort… a world without bad cannabis trips.

Mon
26
Aug
Mon
26
Aug

Ontario's cannabis lottery: the deck is stacked in favour of big money

Ontario announced the winners of its cannabis lottery for retail licences on Wednesday (August 21).

After a sleepless night for many applicants expecting the results to be announced before sunrise, the province’s Alcohol and Gaming Commission (AGCO) released the names of the 42 lucky winners just after 10 am.

Some 5,000 expressions of interest were submitted for licenses to open retail pot shops with more than 4,800 making the final draw. But a number of revelations surrounding some of the winners have led to questions about loopholes in the process. 

Thu
22
Aug

Here's where the next 42 Ontario cannabis stores could open

Ontario has released results of its second lottery selecting 42 operators hoping to run cannabis shops in the province.

The Alcohol and Gaming Commission of Ontario (AGCO) said it received 4,684 applicants in the draw.

Unlike the first lottery held earlier this year, which faced criticism for not including a merit component, applications for the second draw were required to show evidence that they have secured retail space that could be used as a store if they are selected, and that they have enough capital to open it.

Those selected will have until Aug. 28 to pay licensing fees, and provide a letter of credit for $50,000 to the regulator.

Wed
21
Aug

Ontario announces results of second cannabis retail lottery

Ontario has chosen 42 winners of its second cannabis retail lottery as it prepares to triple the size of its industry.

The province permitted an initial 25 stores after adult-use cannabis was legalized at a federal level in October 2018. Last month it unveiled plans to issue 50 new licences – eight for First Nation reserves and 42 for Ontario entrepreneurs – and it held a draw yesterday to produce those 42 winners.

Tue
20
Aug

50 cannabis retail licenses to be awarded in second lottery

Fifty new retail cannabis licenses will be awarded on Tuesday as Ontario moves forward with its second lottery.

The lottery will be handing out licenses to sell legal marijuana to 42 retail stores, including 13 in Toronto and six in the rest of the GTA, while eight more will be given to First Nations Reserves through a separate, first-come first-serve basis.

Unlike the first lottery in January, which saw 25 retail licenses handed out, this one required applicants to provide confirmation they had secured a lease, along with the capital to run it.

The Alcohol and Gaming Commision of Ontario said a bank letter confirming access to $250,000 cash and another confirming the ability to get a $50,000 standby letter of credit was needed to apply.

Fri
16
Aug

Ontario-based start-up is developing a cannabis breathalyzer for U.S. police

A breathalyzer that can detect both alcohol and cannabis has caught the attention of Y Combinator, a California-based start-up accelerator that has previously worked with Reddit, Dropbox and Airbnb.

Thu
15
Aug

Canada’s first high-end cannabis lounge opens in Toronto early 2020

Shauna Levy, former Design Exchange CEO and president, is bringing her design experience to Toronto’s first high-end cannabis lounge.

The lounge, byMinistry, the first major project from MoCanna, a Canadian cannabis company, is an 8,000-sq.-ft. space slated to open at 850 Adelaide St. W., Toronto in early 2020, byMinistry CEO Levy told The GrowthOp.

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