Missed out on opening a legal cannabis retail dispensary in Ontario the first time around?
Today, July 3, 2019, the provincial government officially announced their plans to license an additional 50 cannabis retail stores in Ontario, including eight on First Nations reserves.
The province hopes these new stores will be open by October 1 2019, which once again means that stores will be under a time crunch to get built and launch once licensed. Full article
There will be 7 stores in the East, 6 stores in the GTA, 13 in Toronto, 11 in West Region, and 5 in the North.
Prospective store owners will need things from their bank: (i) a commitment to provide a $50,000 standby letter of credit and (ii) a letter of confirmation that you have the financial capacity to obtain $200,000 in cash or cash equivalents and that you are in good standing.
In addition, applicants will need to confirm that they have secured a location and the type of arrangement (lease, rent, or purchase) will serve as the legal basis of occupation in October 2019.