Article by BNN Bloomberg
Canada’s cannabis industry contributes $8.65B to economy in May: StatsCan
Canada’s cannabis industry generated about $8.65 billion for the country’s economy in May, according to the latest data from Statistics Canada on Friday. The legal cannabis industry contributed about $4.66 billion to Canada’s gross domestic product as of May, StatsCan said. That’s up 11 per cent since the same period a year earlier. Meanwhile, the illicit market continues to trend downward and is estimated to contribute $3.92 billion to the country’s economy, down about 13 per cent since May 2019 according to StatsCan.
Ontario’s cannabis supplier may open second warehouse to support rising demand: Analyst
The Ontario Cannabis Store may be getting a new warehouse, a sign that the provincial wholesaler is expanding its product offerings to meet customer demand. BMO Capital Markets analyst Tamy Chen said in a recent note to clients that the province is expected to open a second distribution warehouse by September. That should provide a boost in sales to cannabis producers in the fourth quarter of the year, Chen wrote in her note. An OCS spokesperson declined to confirm whether it would add another warehouse to its supply chain, but stated in an email to BNN Bloomberg that the agency has received authorization from the Ontario government “to continue to expand our privately operated distribution network when necessary.”