Ontario to Take $180M Economic Hit From Ending Pot Shop Delivery, Pickup Services
Province to take $180M hit on ending pot delivery, pickup: Ontario Chamber of Commerce.
Ontario is primed to take a steep economic hit after deciding to stop allowing privately-run cannabis stores to provide delivery and curbside pickup services to customers. The services, which end on July 29, will cause the province to miss out on about $180 million in economic activity, according to the Ontario Chamber of Commerce. That figure balloons to nearly $1 billion in losses if the additional 450 stores which are ready to open, but whose licence applications are pending approval are factored in. One retailer expects customers to revert back to the illicit market now that the convenience of delivery won’t be available to them.
Organigram shares plunge after reporting $89.9M net loss in Q3
It was a tough quarter for New Brunswick’s Organigram. The cannabis producer released its third-quarter results where revenue fell 27 per cent to $18 million, posting a net loss of $89.9 million.
– Read the entire article at BNN Bloomberg.