Ontario government loses $42 million selling weed in the last year
Leave it to the Ontario government to lose money selling drugs.
The Ontario Cannabis Retail Corporation reportedly lost a whopping $42 million in the latest fiscal year, according to publicly released documents from the corporation.
Ontario’s expenses totalled a stunning $106 million, with pot revenues totalling only $64 million for the year.
Marijuana has been legalized since October of last year, with the sloppy rollout being criticized by many for their supply chain issues and marijuana shortages, a definite hurdle considering that sales were undoubtedly going to be sky-high.
The supply shortages meant the Ontario government had to cap the number of retail licences at 25, but the province has its eyes on increasing the number of legal pot outlets to 75 by October of 2019.
The Ontario Cannabis Store publicly announced last week that CEO Patrick Ford would be retiring. A replacement is being sought out.