The much anticipated rollout of cannabis 2.0 products is looking like it will go smoothly. In fact, Cal Bricker, the Ontario Cannabis Store Interim CEO, recently reassured the market of his confidence in the new offerings. It is expected that they will not run into the same issues that cannabis producers and retailers faced when cannabis was first legalized.
The new products are expected to be available by January 6, 2020. That is about three weeks from when they are legally able to be sold, giving producers a good chance to prepare for the release in the New Year.
Following the legalization of cannabis in 2018, the government has been trying to keep the industry as well-controlled as possible. Ontario was reported to have sold $216.8 million in cannabis products while Alberta sold $195.7. For a fledgling industry, it has so far come out as a success.
Unfortunately, it is believed that the sales could have been much higher across the provinces if there had been more accessibility to retail establishments. Analysts have estimated that Ontario missed out on $325 million in economic movement as well as $50 million in revenue through taxes by limiting the number of retail establishments in Ontario.
Ontario still only has the same quantity of retailers, and with the new line of cannabis set to come out, the retailers might find themselves busier than ever before. Bricker does not believe that there will be any shortage in a product, however, and that the entire rollout will go better than anything that they have previously experienced.
Bricker has also confirmed that Ontario will still sell vape products even though provinces like Quebec and Newfoundland and Labrador have already banned them. The Interim CEO has assured listeners that they do care about safety, but believe it is up to the recipient to make that choice.11 days ago