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How Ontario lost $42M selling cannabis during its last fiscal year

Stockhouse Editorial
1 Comment| September 16, 2019




According to provincial public accounts released last Friday, the Ontario government lost $42 million selling cannabis in its last fiscal year. The losses come despite the Ontario Cannabis Retail Corporation – a crown corporation that operates the Ontario Cannabis Store’s online retail business and sells wholesale cannabis to the province's private retail stores – generating $64 million in the fiscal 2018-2019 year.

But how?
 
An OCS spokesperson said the agency wasn’t able to book wholesale revenue from selling into the first wave of physical retail stores in the latest fiscal year, which hurt the crown corporation’s bottom line. Meanwhile, the Ontario government said it generated $19 million in revenue from cannabis excise taxes in its last fiscal year, falling well short of the $35-million estimate presented in the most recent provincial budget.
 
Full article continues here.



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