Marijuana stocks up after Ontario announces cannabis supply agreements

Marijuana stocks up after Ontario announces cannabis supply agreements

TORONTO — Some marijuana sector stocks are up slightly after Ontario announced supply agreements with 26 licensed producers in preparation for the legalization of recreational pot this fall.

Several smaller producers signed initial agreements with the Ontario Cannabis Store. The OCS will be selling pot online starting on Oct. 17 and saw bigger lifts in the volatile sector

Shares of licensed producer Beleave Inc. were up roughly 11 percent to $1.49 in Toronto in late morning trading. Newstrike Brands Ltd.’s stock was up more than five percent to $0.58.

Ontario announced late Monday that it had signed agreements with 26 licensed producers such as Canopy Growth Corp., Aurora Cannabis, and Aphria Inc. as well as smaller players including Starseed Medicinal Inc. and Solace Health Inc.

Sales of recreational cannabis on Oct. 17 will only be available through the OCS’ online retail channel initially until the province establishes a wholesale distribution network to supply pot to legal private stores by April 2019.

The Progressive Conservative government’s new plan to have cannabis sold through a private retail model is a contrast to the Liberals’ plan for a provincial government monopoly on cannabis sales.

The Canadian Press

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