Cannapany on January 15, 2020 No Comments
The competition for the nascent cannabis market is going to be fierce, but Canopy has an advantage
The race is on to find out who can prevail in the nascent retail cannabis market in New Brunswick. Sales have already begun to pick up, and the area is looking to ensure that it grows at a healthy speed. Eight different companies are jockeying for position, but leading the race is Canopy Growth, which has already established itself as a global leader in the cannabis space.
New Brunswick is looking for the proper company, or companies, to oversee its recreational cannabis retail, wholesale/distribution and e-commerce operations. It accepted applications through last Friday, and those who responded will now be scrutinized by an independent third party to ensure that no foul play or manipulation can seep its way into the approval process.
Canopy Growth is joined by Fire & Flower Inc. (Alberta), Green Stop Cannabis Ltd. (Nova Scotia), Kiaro Brands Inc. (B.C.-based), Loblaw Companies Limited (Ontario), New Brunswick Association of Cannabis Distributors (New Brunswick), RSL NB (New Brunswick) and YSS Corp. (Alberta). All are looking at the possibility of a long-term lucrative endeavor with potentially high rewards. The province’s notice for proposal reads, “This is not a sale of the existing business, Cannabis NB, but rather the sale of the rights to operate recreational cannabis retail, wholesale/distribution and e-commerce in the Province of New Brunswick on an exclusive basis over a period of 10 years, with two five-year renewal periods.”
Adds Ernie Steeves, a member of the Finance and Treasury board in New Brunswick, “We will be diligently reviewing the submissions in order to identify the overall best proposal that focuses on public health, education and safety and offers the best value for the New Brunswick taxpayers.”
Given Canopy’s widespread footprint and solid history, it has the ability to meet all of those requirements easily. The results of the application process are expected to be released within the next several weeks.
Congratulation!