The government corporation that controls cannabis distribution in Canada’s largest province, Ontario, plans to allow the private sector to store and transport retail-bound products.
The Ontario Cannabis Store informed licensed producers of the forthcoming changes in an email on Nov. 19, according to BNN Bloomberg.
The move aims to alleviate long-standing supply chain issues that result in frequent cannabis shortages and uneven availability across the province. Meanwhile, the black market has persisted with lower prices and better availability at times.
Producers transport cannabis to the Ontario Cannabis Store, which in turn distributes to licensed retailers. But the provincial corporation, which also has a monopoly on online sales, lost C$42 million last year on C$63.9 million of revenue.
Did you know?
An Ohio logistics company has been ordered to cough up nearly $300,000 to cover the cost of a load of lobster allegedly stolen by a subcontractor.
“The system analyzes both the driver’s actions and the objects in view and should not generate a smoking alert in the case that a driver merely enjoys a candy. However, if an object similar to a cigarette is handled in a manner similar to smoking, it may generate an alert.”
– Tal Krzypow, vice president of product for Eyesight Technologies, discussing new features to its FleetSense in-cab anti-distraction system.
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Many Canadian transport and logistics firms have been reluctant to touch cannabis. But those willing to do so will undoubtedly benefit, including Ottawa’s 3 Sixty Secure (CSE: SAFE), a security firm that specializes in cannabis transport.
3 Sixty generated C$8.6 million in revenue and posted a net loss of C$2.5 million in the third quarter of 2019, according to earnings released on Nov. 19.
The company, which is run by a former member of the Canadian special forces, is currently a penny stock. 3 Sixty noted in its earnings that Ontario’s underdeveloped retail network has been a barrier to growth – something the province is planning to grow.
Hammer down everyone!