06:35:31 EDT Sun 27 Sep 2020
Enter Symbol
or Name

Login ID:

Cannabis Summary for Dec. 13, 2019

2019-12-13 19:51 ET - Market Summary

This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.

Here is a sample of this item:

by Stockwatch Business Reporter

The Canadian Securities Exchange Composite Index gained 4.23 points to 386.51 Friday, ending the week up 0.75 point. After the market closed on Thursday, the Ontario government confirmed that it will abandon its current lottery system to award licences for cannabis dispensaries. Ontario will instead adopt a system where anyone can apply for a dispensary licence. On top of that fundamental change, there will no longer be a cap on the number of stores in the province. Starting on Jan. 6, 2020, licensed producers (LPs) can apply for an operator licence. After that is obtained, the LPs will be eligible to apply for store authorization on March 2. Ontario says it will begin authorizing stores at the start of April.

Since cannabis was legalized in Canada on Oct. 17, 2018, Ontario has had plenty of requirements for applicants. Any applicant would have to provide a letter of credit for $50,000 from a Schedule 1 or a Schedule 2 bank and make non-refundable payments along with their applications. Under the new system, these prequalifications have been removed. That should pave the way for a smoother store-opening process.

The remainder is available to Stockwatch subscribers.
Sign-up for a FREE 30-day Stockwatch subscription and SEE NO ADS

© 2020 Canjex Publishing Ltd. All rights reserved.

Reader Comments - Comments are open to paying subscribers of Stockwatch and unmoderated, although libelous remarks, obscene language and impersonations may be deleted. Opinions expressed do not necessarily reflect the views of Stockwatch.
For information regarding Canadian libel law, please view the University of Ottawa's FAQ regarding Defamation and SLAPPs.