Ontario to Limit the Red Tape Around its Buregoning Cannabis Market
Nov 5, 2021 By MarketDepth
Ontario is set to extend private cannabis retailers’ ability to offer delivery and curbside pickup. Having previously allowed cannabis deliveries during the pandemic, due to social distancing and closure orders, the proposal is part of a wide-ranging bill introduced in the legislature on Thursday.
Support To Continue Operations
With an aim of reducing red tape around the industry, regulators view the proposed change as a positive, with it set to allow retailers to keep supporting physical distancing and other public-health measures even as they continue operations.
Profits Tripled
Furthermore, Ontario’s cannabis business is set to nearly triple its profits in the current fiscal year, according to the province’s Fall Economic Statement released Thursday. The province’s Crown-owned Ontario Cannabis Retail Corporation (OCRC) is expected to make a $155 million profit in the current fiscal year, compared to $67 million in the prior fiscal year and just $19 million in fiscal 2019-20. There are nearly 1,200 licensed cannabis stores open in Ontario, with the province having already sold $882.7 million worth of cannabis products in the first eight months of 2021.
