The province’s plan to create government-run standalone stores for recreational marijuana sales lit up pot stocks and the LCBO’s chief executive Friday, but it also left many others high and dry.
Here’s a look at the winners and losers in Ontario in the lead-up to legalization next July:
- Marijuana producers:
Shares of pot producers all went predictably higher on the news, including those of Canopy Growth Corp., the first Canadian marijuana company with a market value of $1 billion. It rose as much as 5 per cent on the TSX, the highest point it has reached since July 26. MedReleaf Corp. gained 5.1 per cent, Aurora Cannabis Inc. rose 1.6 per cent and Aphria Inc. increased 2.5 per cent. The companies needed some good news to move the stock.
The booze monopoly got its long-stated wish to become the official retailer of recreational weed. Not only is LCBO chief executive George Soleas looking forward to taking on the task of overseeing the separate stores, even his workers’ union, OPSEU, is onside. Union president Warren “Smokey” Thomas has always wanted marijuana sales to be overseen by the liquor retailer, particularly as the stores will probably be staffed by unionized workers.