Lottery being held today to hand out 42 new retail pot licenses
Joshua Freeman, CP24.com
Published Tuesday, August 20, 2019 7:15AM EDT
Last Updated Tuesday, August 20, 2019 11:32AM EDT
Prospective cannabis retailers in Ontario will find out today if they are among the new crop of brick-and-mortar retailers who will be granted licenses.
The Alcohol and Gaming Commission of Ontario is holding a lottery today to determine who will receive 42 new pot retail licenses that are up for grabs.
Toronto will be getting 13 new stores, while six are slated for the GTA.
Applicants whose names are drawn will be contacted within 24 hours and will then have five business days to submit a $50,000 letter of credit from a bank, show that they have a retail space available to them and to submit $10,000 in non-refundable application fees.
The province handed out the first 25 cannabis retail licenses back in January after thousands of people applied in the first lottery.
Those stores were given a tight schedule for opening. Despite steep fines, just one store in Toronto opened on the first day that retail sales were allowed.