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Ontario Announces 42 €lottery Winners’ Eligible For New Cannabis Licenses

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Ontario Announces 42 ‘Lottery Winners’ Eligible for New Cannabis Licenses

2019-08-22 TSI Reporter The Seed Investor

Regular readers of The Seed Investor know that Canada’s cannabis industry has already Three consecutive months of double-digit growth in cannabis retail sales.

This strong surge in sales coincides exactly with Ontario (Canada’s largest province) beginning to open its own cannabis retail stores. Opening just caused retail sales in Ontario to more than double in the first month.

Since that time, Ontario has taken the number of cannabis stores to 22. A mere 22 cannabis stores in Ontario has been enough to propel cannabis sales numbers nationally. Now Ontario has finished the “lottery” phase in the process of awarding 42 additional licenses for cannabis stores in that province.

It won’t happen overnight.

Once the lottery winners officially submit their license applications, Ontario’s Alcohol and Gaming Commission (AGCO) will begin its review process. But it’s a game-changer for the Canadian cannabis industry.

Ontario is in the process of roughly tripling the number of these cannabis stores (from 22 to 64).

For the cannabis industry (and Canadian cannabis companies), the timing couldn’t be better. Phase 2 of cannabis legalization in Canada takes effect in October 2019. New, value-added cannabis products will be legalized: edibles, concentrates, and infused beverages.

It’s estimated that these products won’t actually until mid-December. As these next stores open in Ontario, they will be offering their customers a dramatically expanded menu of products.

Source: https://theseedinvestor.com/cannabis-news/ontario-announces-42-lottery-winners-eligible-for-new-marijuana-licenses

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