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Cronos Group Inc
Symbol C : CRON
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Close 2019-01-23 C$ 19.70
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FP/CP say Hexo, rivals see Quebec pot agency cut back

2019-01-24 08:29 ET - In the News

See In the News (C-HEXO) Hexo Corp

The Financial Post reports in its Thursday, Jan. 24, edition that Quebec's cannabis agency generated about $40-million of sales in its first three months of operation, but supply shortages are forcing the public retailer to reduce its expansion plans. A Canadian Press dispatch to the Post reports that the province expects to have 40 points of sale in March, 2020, 20 per cent less than the 50 outlined in the original expansion plan. Retail store shelves became empty soon after recreational cannabis was legalized on Oct. 17, a situation observed across the country. The subsidiary of the Societe des alcools du Quebec cut back its hours of operation so that its 12 stores were open four days a week. Jean-Francois Bergeron, president of the Societe quebecoise du cannabis (SQDC), says it put the network's expansion a bit on ice, which explains the network size being reduced to 40 stores. He also said more time is needed to adapt to the recommendations of the provincial government, including a prohibition on stores openings near community colleges and universities. While supply shortages continue, Mr. Bergeron said there should be an improvement by late spring when new volumes become available.

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