Cannabis regulators in Ontario, Canada have announced the winners of the first 25 cannabis retail licenses in the province, according to the Financial Post.
Last week, the province opened a lottery for the first 25 licenses, though the limit is temporary. Now, regulators announced the lottery winners for operating a brick-and-mortar retail dispensary. In a surprising move, 64 percent of winners are not already established companies but rather Sole Proprietorships, or individuals.
Lottery winners now have until January 18 to submit a full Retail Operator License Application and pass a background check. Future licensees also must now pay $6,000 and obtain a letter of credit at a $50,000 minimum.
Should any of the winners fail to meet those requirements, Ontario regulators will begin pulling from the waitlist. Regulators have also included a built-in time pressure: if approved applicants do not have a store up and running by the end of April, they’ll be fined $25,000.
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The Niagara Herbalist
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