Published: Fri, August 23, 2019
Markets | By Otis Pena

Oshawa getting second pot store

Oshawa getting second pot store

Those included proving that they can obtain $250,000 in cash or cash equivalents, confirmation from a bank, credit union or caisse populaire that they can get a Standby Letter of Credit for $50,000 within five business days, proof of having secured retail space that available to operate a cannabis retail store out of by October 2019.

Ontario has selected 42 operators who can apply to run the next wave of cannabis shops in the province but some analysts say the new stores still won't be enough to combat pot sold on the black market.

Results of the AGCO lottery to select the second round of possible cannabis retailers have been released, including one with a North Bay address.

The AGCO will only licence applicants and authorize stores that meet all legal and regulatory requirements. Kyriakos G. Anastasiadis is listed as the official licensee.

Kahnert adds there is a chance one of the applicants could open a store in another municipality with the GTA region. An additional 45 locations were placed on a waitlist.

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In an email to The Nugget, lawyer Lorne J. Fine of Fine & Associates Professional Corp., a family and divorce law firm based in the Toronto area, confirmed he was the one who submitted the application for a store in North Bay. Once the new stores are approved and open, Ontario will have 75 legal pot outlets.

If the registrar determines that an applicant has not followed the requirements set out, they will be disqualified from the lottery.

Municipalities were allowed to opt-out of allowing cannabis retail stores earlier this year. "That's a effect of them setting up a system where essentially the applicants could decide where the store location was going to be and then because it's subject to a draw you're essentially leaving it to chance".

Another eight stores will be located on First Nations reserves and are being approved through a separate process that is now underway. A total of 4,864 applications were received by the province.

The provincial government has said the phased-in approach is necessary due to supply issues.

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