Government-Owned Marijuana Businesses are the Most Profitable in Canada
According to research conducted by MJBizDaily, government-owned cannabis businesses in Canada are the most profitable. Various levels of the Canadian government own the companies. Simultaneously, cannabis companies in the private sector have seen cumulative losses of over $12.5 billion. This data shows that even larger marijuana companies in Canada have yet to become profitable. The company showing the highest profits thus far is the Ontario Cannabis Store (OCS). According to Ontario’s fiscal projection, OCS is expected to see earnings around roughly $200 million for three years ending in March 2022. OCS is owned by the province and is the cannabis wholesaler for the 1,600 marijuana retail locations throughout Ontario.
Missouri Democrats Won’t Support a Recreational Cannabis Measure
While the majority of Democrats in Missouri support cannabis legalization, the same cannot be said for the ballot initiative that is to appear on the state’s ballot in November. The state’s Democratic Party Committee expressed their concerns about the wording of Amendment 3 in a news release. They said the wording of the legalization measure “may negatively impact minorities, people of color, and low-income earning Missourians”. According to a local newspaper, the party is divided on two key areas of the initiative. First, businesses with current medical marijuana licenses would be the first to receive adult-use licensing, and the limited licensing is an issue for some key Democrats. Second, the language of Amendment 3 does not clearly outline the process for criminal record expungement for those with low-level cannabis offenses. The concern is the lack of clarity will cause confusion and lead to issues for those that need this expungement.
NY Recreational Cannabis Supplier Licenses Will Be Delayed
New York cannabis regulators have anticipated getting their state’s legal market online later this year or early next year. However, the program launch will likely not happen until well into 2023. The state’s Office of Cannabis Management will not accept new applications for adult-use marijuana businesses until the middle of 2023. Those hoping to gain access to the nascent industry were hopeful that the cultivation and processing application window for marijuana businesses would open this fall. New York is expected to be one of the largest state-legal cannabis markets in the U.S., and this delay is a significant setback.