Supreme Cannabis Company Inc. (The) T.FIRE

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[jfogarty12]

Alberta's pot business on track to double losses in next fiscal year to $30M

Alberta's cannabis business is on track to lose $30 million in the next fiscal year, the province said Thursday in its fiscal update. Alberta Gaming, Liquor and Cannabis, the agency responsible for regulating cannabis, said it booked a $14-million loss in the fiscal 2019-2020 year, which it expects to more-than-double in the fiscal 2020-2021 year. Alberta also forecast it should receive about $79 million in revenue from cannabis taxes in the next fiscal year. Alberta consumers have purchased $242.3 million worth of cannabis products in the first six months of the year, up from about $92.7 million in the same period a year earlier, according to Statistics Canada.