MJ in TorontoI believe Toronto will approve retail outlets, they already have double digit illegal pot shops. It would then allow the legal market to strive and give more cause to shutting down the illegal ones. If you think about it strategically, the more sourrounding municipalities that vote "no" like Mississauga, Markham, Richmond Hill, the more benefit it will be to Toronto. Toronto will then be the go-to destination for those wanting pot all within a 20-30 minute drive.
I live in Toronto and I know there will be a large pot shop in the Sherway Gardens area. Think about it, large scale, high end pot shop (think Apple Store as Bruce has referred to) right on the Toronto, Mississauga border. I can't imagine what the incredible sales per square foot will be. Toronto has large scale malls surrounding its border (Province has said retail can locate in malls) so strategically, it will be a major win for Toronto. In addition, when edibles and drinks become legal, municipalities won't be able to stop them because they will be sold in grocery, convenience stores and LCBO/Beer Stores.
Also, we need to stop thinking about Toronto and Ontario. This is a global company who is in 11 countries and soon to be in the US for hemp (as a start). Remeber, over 30 countries are currently going down the MJ road in one form or another. 1-2 years down the road, it will not matter at all what happens in Toronto or Ontario compared to Canopy's global domination. It will only matter what happens in Smiths Falls.