The Alberta premier has lauded its province for a leading position in the Canadian cannabis retail market.
Premier Rachel Notley told CTV Calgary on Tuesday (January 1) the Alberta Gaming and Liquor Corporation (AGLC) is “well ahead of the rest of the country” in its retail marijuana strategy.
“We have more product and more access to the product in Alberta than in other parts of the country,” the premier said.
Following the legalization of recreational cannabis in Canada on October 17, the provinces have been allowed to set up retail models to allow consumers the purchase of legal product.
Alberta kicked off a more decisive start to its legal retail cannabis market as it opened the doors to a restricted model preventing licensed producers from dominating the market, but still able to hold a stake in it.
Currently Alberta counts with 65 officially licensed retailers, a bigger amount than Quebec and BC combined. Ontario will open its doors to the retail market through a roll-up of applicants starting in April.
However, Alberta has also faced issues in its roll-out of a legal cannabis market. In November the province announced it had to stop the application process for more retail licenses as it was facing a shortage of legal cannabis product.
In a letter, Alain Maisonneuve, president and CEO of the AGLC, said the province had ordered enough product to support up to 250 retail stores in the first six months of legalization but in reality had only obtained about 20 percent of its total order.
The province wouldn’t disclose which LPs had failed to deliver on its agreements with the province.
The operation of physical cannabis retail in Canada has become an emerging play in the public sector as it offers an immediate source of revenue.
As part of a retail trade update in October, Statistics Canada revealed Canadians had spent C$43 million at cannabis stores during the first two weeks of legalization.
At the time, the federal government agency indicated Alberta came in second place for sales revenues, behind Ontario, bringing in C$5.6 million.
Statistics Canada warned the “availability of cannabis across the country was affected by differences in retail structures in each province and territory.”
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Securities Disclosure: I, Bryan Mc Govern, hold no direct investment interest in any company mentioned in this article.
CanBud Distribution Corporation Closes 2M Second and Final Tranche of its Oversubscribed Private Placement Offering
CanBud Distribution Corporation (CSE: CBDX) (FSE: CD0) (“CanBud” or the “Corporation”) is pleased to announce that it has closed the final tranche of its oversubscribed non-brokered private placement for aggregate gross proceeds of approximately $4,730,000 (the “Offering”).
The Corporation issued a combined total of 39,409,346 units (each a “Unit“) at price of $0.12 per Unit, with each Unit comprised of one common share in the capital of the Corporation (each a “Common Share“) and one common share purchase warrant (each a “Warrant“). Each Warrant entitles the holder to purchase one additional Common Share at an exercise price of $0.22 within 24 months of the closing of the Offering (the “Warrant Term“), provided, however that if the closing price of the Common Shares on the Canadian Securities Exchange (the “CSE“) (or any such other stock exchange in Canada as the Common Shares may trade at the applicable time) is $0.25 or greater per Common Share for a period of five (5) consecutive trading days at any time after the closing date of the Offering, the Corporation may accelerate the Warrant Term such that the Warrants shall expire on the date which is 30 days following the date a press release is issued by the Corporation announcing the reduced warrant terms.
Thoughtful Brands Inc. (CSE:TBI)(FSE:1WZ1)(OTCQB:PEMTF) (the “Company” or “Thoughtful Brands) announces that the letter of intent with Franchise Cannabis Corp. (“FCC”), previously announced in January, has been terminated. The previously announced European joint venture with FCC will continue and allow the Company to launch and tailor its products to European consumer demands
In connection with termination of the merger transaction with FCC, the Company has agreed to pay FCC $100,000 in cash and to issue FCC 5,000,000 common shares of the Company at a deemed value of $0.05 per share. The common shares will be subject to a four-month-and-one-day statutory hold period in accordance with applicable securities laws.
Mergers and acquisitions (M&A) in cannabis space have helped boost the industry to new levels.
Strategic sale of non-core assets by Lobe adds non-dilutive capital and shareholder value
Lobe Sciences Ltd. (CSE: LOBE) (OTC Pink: GTSIF) (“Lobe” or the “Company”) is pleased to announce, further to its press release dated February 23, 2021, that it has completed the sale to Ionic Brands Corp. (“Ionic Brands”) of Lobe’s non-core cannabis assets relating to Washington-based Cowlitz County Cannabis Cultivation Inc. (“Cowlitz”) held by Lobe’s subsidiary vendor, Green Star Biosciences Inc. (the “Transaction”).
Seattle Area Grocery Chain Metropolitan Market to Begin Carrying KOIOS and Fit Soda on March 22, 2021
Adding to its existing presence on the west coast of the United States, all five KOIOS™ flavours and all four Fit Soda™ flavours will be carried in Metropolitan Market stores beginning on Monday, March 22, 2021. Serving the Seattle-Tacoma area (population 3.87 million), Metropolitan Market is one of five chains under its parent firm Good Food Holdings, which has a total of 51 stores in California, Oregon, and Washington State.
Koios Beverage Corp. (CSE: KBEV; OTC: KBEVF) (the “Company” or “Koios”) is pleased to announce that beginning on Monday, March 22, 2021, Koios’ entire line of canned beverage products will be sold at all locations of Metropolitan Market, an urban format supermarket chain in the Seattle-Tacoma area of Washington State. In Q1 2021, the Company announced multiple placements of its beverage products with regional grocers in markets on the west coast of the United States including Market of Choice in Oregon Jensen’s in Southern California and major natural grocery chain Sprouts Farmers Market which has a substantial west coast presence with over one third of its locations (360+ stores across 23 states) in California as well as Washington State 1 . The Company has also recently announced other developments relating to its expansion efforts being undertaken in 2021 such as an in-house beverage canning facility and distribution agreements with regional and national wholesale partners.