Liberals Manage to Lose Money Selling Pot

Article by Canadian Press via Toronto Sun

Liberals manage to lose money selling pot. Medical marijuana is shown in Toronto on November 5, 2017 alongside the logo for the Ontario Cannabis Store announced on March 9, 2018. This file photo taken on April 20, 2017 shows a woman smoking marijuana on Parliament Hill waiting for the clock to hit 4:20pm on 4/20 in Ottawa. (GETTY IMAGES)

As the federal government moves to legalize marijuana for recreational users later this year, Ontario’s latest budget sheds light on the province’s approach to sales, distribution, enforcement and revenue expectations.

– The Ontario Cannabis Retail Corporation, an LCBO subsidiary created to manage sales and distribution of recreational pot in the province, is not expecting to generate profits immediately after legalization. It is expecting an $8-million loss in 2017-2018, followed by a $40-million loss in 2018-19, largely due to initial startup costs to establish the retail network. By 2019-20, the province is forecasting OCRC net income of $35 million, followed by $100 million in net income by 2020-21.

– In a bid to crack down on the black market for marijuana in Ontario, the provincial government is creating a Cannabis Intelligence Co-ordination Centre to shut down illegal storefronts.

– The province will create a specialized legal team to support drug-impaired driving prosecutions. As well, it plans to fund sobriety field test training for police officers to help detect impaired drivers.

Read the full article here.

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