Only 10 stores in Ontario had received the necessary licenses to open on April 1
Canada’s most populous province will finally open its first pot shops Monday, nearly six months after legalization. The initial result will be underwhelming, to say the least.
Located on the city’s trendy Queen Street West, The Hunny Pot Cannabis Co. is run by real estate agent Hunny Gawri. Gawri was lucky enough to win the provincial government’s lottery after it set a temporary initial cap of 25 stores, citing a national supply shortage that’s plagued the industry since recreational pot was legalized in October.
Weak EarningsDespite the limited rollout, the opening of Ontario stores is “a very significant development” for the industry, Peter Aceto, chief executive officer of CannTrust Holdings Inc., said in an interview. Both failed to capture much of Canada’s recreational market in the fourth quarter, with Cronos’s share estimated by analyst Tamy Chen at BMO Capital Markets at 2 per cent and CannTrust’s at 4 per cent. However, both also stressed that revenue should improve over the course of 2019 as new growing capacity comes online.
The cannabis sector as a whole ended the weekly slightly lower, with Bloomberg Intelligence’s Global Cannabis Competitive Peers index falling 1.2 per cent. Mixed messages from south of the border weighed on stocks after New Jersey lawmakers scrapped a planned legalization vote due to a lack of support, while the House Financial Services Committee voted in favour of the SAFE Act, which would permit commercial banks to offer services to cannabis companies that are in compliance with state law.
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