02:58:28 EDT Thu 18 Apr 2024
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Aurora Cannabis Inc
Symbol ACB
Shares Issued 1,017,438,714
Close 2019-08-22 C$ 7.71
Market Cap C$ 7,844,452,485
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Globe says Hexo, rivals hear Ontario pot rollout flawed

2019-08-23 07:03 ET - In the News

See In the News (C-HEXO) Hexo Corp

The Globe and Mail reports in its Friday, Aug. 23, edition that Ontario has "botched" the rollout of cannabis retail stores. A Globe editorial says the province this week announced the results of a second lottery for the chance to apply for a pot licence. The first was in January. In both cases, The Globe says the results were flawed. It says the whole idea for a lottery was poorly conceived. The first lottery was for just 25 stores across a province of 14 million people. The winners were mostly individuals with no experience in weed or retailing. Ontario adjusted the rules for its second lottery of 42 licences, adding hurdles such as access to $250,000, but the impression left is that the system was gamed by deep-pocketed applicants working to exploit loose rules. The Globe says Ontario should look to Alberta, where any hopeful retailer can submit an application, one that features background checks, requirements and approvals. Alberta is Canada's cannabis retail leader with 270 stores. Ontario's lottery system has not worked. It is time to open up legal cannabis retailing in the province as Mr. Ford promised, instead of entrenching the illegal market while enriching a few lottery winners.

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