Ontario’s cannabis market has been the biggest disappointment for the Canadian cannabis industry for one reason: lack of cannabis retail stores. With a population of roughly 14.5 million, it is Canada’s most populous province. But to date, the provincial government only has 25 licensed cannabis stores in operation.
The second “lottery” for cannabis store licenses in Ontario was conducted in the fall of 2019, with roughly 30 new lottery winners progressing through Ontario’s cannabis licensing process.
Canopy Growth (US:CGC / CAN:WEED), Canada’s largest cannabis company was largely shut out of the first round of store licensing, despite being based in Ontario. The Company is ensuring that this won’t happen with this second round of licensing.
On January 6, 2020; Canopy Growth announced that it is “working with” a total of 10 license holders to open Tokyo Smoke branded retail stores, Canopy’s retail brand. This includes the five licensees that were previously announced by the Company on November 28, 2019.
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