The lack of federally licensed cannabis product has driven the province of Alberta to halt approvals for new retail licenses.

On Wednesday (November 21), Alain Maisonneuve, president and CEO of the Alberta Gaming, Liquor and Cannabis (AGLC), announced the province would temporarily stop accepting applications for new stores and approving additional retail licenses.

“AGLC ordered enough product to support up to 250 retail stores in the first six months of legalization; however, as of November 17 we have only received approximately 20 percent of what we had ordered,” Maisonneuve said in his statement.

This announcement highlights the tension seen throughout the Canadian market when it comes to the implementation of the Cannabis Act on October 17.

A massive shortage of cannabis product has been seen in the overall recreational market.

Maisonneuve said that while “some” of the LPs signed up to supply the province have lived up to those contracts, “not all have.”

The province wouldn’t disclose which ones had failed to deliver on the contracts with the province.

As part of this change, Maisonneuve announced all applicants would be issued a refund for the licensing fees mandated by the province.

The executive said AGLC’s priority is to supply private Alberta retailers and will therefore focus on securing product for those first.

“We will still maintain some online product to allow consumers in communities where there are not any retail stores to purchase online,” Maisonneuve said.

In an email to the Investing News Network, Heather Holmen, a spokesperson for AGLC, confirmed the province will not reveal which LPs have failed to meet their contracts to maintain those relationships.

When asked if the province is considering terminating contracts with companies failing to meet demand, Holmen said AGLC has talked with “essentially every federally licensed producer in Canada and none are able to support at this time.”

“As Health Canada continues to licence producers, AGLC will continue to reach out to prospective producers to discuss additional supply to the Alberta market,” Holmen said.

Impact of halt on retail licenses

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.

Ontario and B.C. have made moves to prevent the dominance from producers in the retail market as well, allowing more companies an opportunity to enter the space.

Ontario announced it will open the doors to all private retail operators while LPs will be forced to own only one license for a facility-license. Alternatively B.C. has mandated no LP to have a close association with a retail business.

Companies such as National Access Cannabis (TSXV:META), Choom Holdings (CSE:CHOO), Inner Spirit Holdings (CSE:ISH) and Alcanna (TSX:CLIQ), which has a partnership with Aurora Cannabis (NYSE:ACB,TSX:ACB), have moved forward with networks of retail shops across Canada.

During an explosive panel at the MJBizCon show last week in Las Vegas, Aurora Cannabis CEO Terry Booth went after the Ontario and B.C. administrations for the way they rolled out retail sales.

In the case of Alberta, the home province of the company, Booth said the provincial government had “their shit together.”

Don’t forget to follow us @INN_Cannabis for real-time news updates!

Securities Disclosure: I, Bryan Mc Govern, hold no direct investment interest in any company mentioned in this article.

Editorial Disclosure: Inner Spirit Holdings is a client of the Investing News Network. This article is not paid-for content.

Centurion to acquire a Disruptive Water-Soluble Cannabinoid Technology Platform Delivering Rapid Onset, Increased Bioavailability, Premium Taste Profiles and Highly Competitive Cost Structure

Centurion Minerals Ltd. (TSXV: CTN) (FSE: XJCB) (“Centurion” or the “Company”) is pleased to announce that it has entered into an Amalgamation Agreement dated February 17, 2021 (the “Agreement”), with HAI Beverages Inc. (“HAI”), whereby Centurion will acquire 100% of the outstanding shares and assets of a wholly-owned subsidiary of HAI (“NewHAI) in exchange for common shares of Centurion (the “Acquisition” or “Transaction”). NewHAI holds all material assets of HAI and the Acquisition will constitute a reverse take-over (“RTO”) of the Company.

Keep reading... Show less

Cresco Labs (CSE:CL) (OTCQX:CRLBF) (“Cresco” or the “Company”), one of the largest vertically integrated multistate cannabis operators in the United States, announced today its participation in the following investor conferences:

  • Needham 2nd Annual Virtual Cannabis Conference – March 3 rd , 2021 – Management will participate in virtual one-on-one meetings.
  • 33rd Annual Roth Conference – March 15 th -17 th , 2021 – Charlie Bachtell, CEO and Co-Founder, will participate in a Fireside Chat and management will later participate in virtual one-on-one meetings on April 7 th .
  • Stifel Multi-Sector Conference – April 21 st , 2021 – Management will participate in virtual one-on-one meetings.

About Cresco Labs

Keep reading... Show less

Green Thumb Industries, a leading cannabis consumer packaged goods company and owner of Rise™ Dispensaries, is expanding key partnerships and creating scholarships earmarked for those from communities most impacted by the war on drugs as part of its corporate social responsibility program. The scholarships will be granted to a total of four students for programs at the Cleveland School of Cannabis in Ohio and Olive-Harvey College in Illinois. Additionally, Green Thumb will continue its support of Cabrini Green Legal Aid and partner with the North Lawndale Employment Network in Chicago as part of ongoing collaborations that include financial support, volunteerism and awareness initiatives.

Building on the foundation of Green Thumb’s LEAP initiative, which provided pro-bono support for social equity license applicants in Illinois and which will soon offer business incubator resources to newly awarded social equity entrepreneurs, these impactful partnerships mark a critical next step in prioritizing diversity, equity, and inclusion in the cannabis industry.

Keep reading... Show less

All five flavours of the Company’s KOIOS™ nootropic beverage product are now being carried by Jensen’s, a regional supermarket chain operating in the San Diego, Los Angeles, and Palm Springs areas of Southern California. This placement of KOIOS™ follows several other recent placements of the Company’s beverage products in regional supermarket chains across the United States as part of a strategy to passively build market share in specific geographical areas.

Koios Beverage Corp. (CSE: KBEV; OTC: KBEVF) (the “Company” or “Koios”) is pleased to announce that the full range of five flavours of its KOIOS ™ nootropic beverages can now be purchased at all grocery stores operated by Jensen’s Foods (“Jensen’s”), a long-established family-owned grocery chain operating in the San Diego, Los Angeles, and Palm Springs areas of Southern California. In a press release dated February 19, 2021 the Company announced another chain-wide placement of KOIOS ™ nootropic beverages on the west coast of the United States with Market of Choice in Oregon. With this placement of KOIOS ™ in Jensen’s supermarkets, the Company’s beverage products are now carried in approximately 180 retail stores on the west coast, out of a total of more than 4,000 retail stores nationwide.

Keep reading... Show less

 Lobe Sciences Ltd. (CSE: LOBE) (OTC Pink: GTSIF) (“Lobe” or the “Company”) announces that Philip Young, CEO and Director, and Maghsoud Dariani, Chief Science Officer will be presenting on Thursday, February 25th, 2021 at 5:45 pm EST at “The Gold Standard in Psychedelic Investment, Psychedelic Capital Virtual Investment Conference”, a platform showcasing the top companies, latest IPOs, newest opportunities, and deepest industry insights.

As a presenting sponsor, the Company will connect directly with some of the earliest moving investors in the psychedelic industry and reach an audience of 2,000+ investors. Presentations are 30 minutes in length, with 10 minutes allocated to a one-on-one Q&A session with the audience.

Keep reading... Show less