The Financial Post reports in its Saturday, Sept. 14, edition that Ontario Cannabis Retail Corp. lost $42-million in the latest fiscal year, according to newly released public documents. A Canadian Press dispatch to the Post reports that the provincial Crown corporation tasked with on-line sales and wholesale distribution of recreational pot reported revenues of $64-million for the year ended March 31, 2019. However, Ontario's consolidated financial statements show the OCRC, which operates as the Ontario Cannabis Store, racked up expenses totalling $106-million during the period. Canada legalized cannabis for adult use on Oct. 17 last year, and the rollout was mired by supply chain issues and product shortages, which largely have been resolved in recent months. The province is in the process of increasing the number of legal pot outlets from 25 to 75 by October. The supply shortages prompted the Ontario government to cap the initial number of retail licences at 25, but the province is in the process of increasing the number of legal pot outlets to 75 by October.
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