Pot Licence winners in ‘panic mode’ on application deadline day

Many of the 25 winners of last Friday’s cannabis retail licence lottery are waiting until the last minute to get the best offers from potential partners, BNN Bloomberg’s David Georce-Cosh reports. The 25 applicants selected by the Alcohol and Gaming Commission of Ontario last Friday have until 5 p.m. on Friday to turn in their applications along with a $6,000 non-refundable fee and a $50,000 letter of credit. Potential cannabis retail applicants still must get approval from provincial and municipal regulators before they open their doors for business. “All the lottery winners are making high demands and trying to make the best deals they can. Meanwhile, the players who are looking to fill their spaces with their brands and all jockeying for position,” a lawyer representing clients looking to tie-up deals with licence winners told BNN Bloomberg.

How a U.S. cannabis firm emerged as a big player in First Nations' pot ambitions

Denver-based MJardin pledged about US$100 million to build a series of cannabis facilities in three First Nations communities, according to Cosh. The move will create hundreds of jobs while kickstarting the development that some Indigenous chiefs hope will lead to a sustainable and profitable business in the fast-growing pot industry. "This is a very thoughtful approach and we’re going the extra mile to make sure this isn't just another production facility," MJardin’s CEO told BNN Bloomberg.

CIBC gives Cronos, Canopy a boost

Two major Canadian pot players were initiated with an outperform rating by CIBC analyst John Zamparo in a note released late Thursday. The letter – titled “Cannabis: The beginning of a global seismic shift” likened the beginning of cannabis investment to the gold rush and the invention of the automobile. Zamparo singled out the two pot producers, saying: “Dozens of small/medium-sized firms will likely earn moderate revenues and earnings, but our view is that only a handful will come to dominate the global market. We believe Canopy and Cronos are likely to be two of those winners.”

Portugal mulls pot options

Two Portuguese minority political parties are tabling bills in the nation’s parliament proposing cannabis legalization, according to The Portugal News. The rival bills differ slightly in approach with the Left Bloc – which currently has 19 of the nation’s 230 parliamentary seats – favouring cannabis-only retailers to make the drug available for non-medical use. The one-seat People-Animals-Nature party proposes sales in pharmacies. Portugal is scheduled to hold national elections in October.

DAILY BUZZ

US$75,000
– Amount of medical marijuana sold in Ohio on its first day of legal sales

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