Today's Pickup: Canada's Largest Cannabis Market Opening Up To Private Distribution
The government corporation that controls cannabis distribution in Canada's largest province, Ontario, plans to allow the private sector to store and transport retail-bound products.
The Ontario Cannabis Store informed licensed producers of the forthcoming changes in an email on Nov. 19, according to BNN Bloomberg.
The move aims to alleviate long-standing supply chain issues that result in frequent cannabis shortages and uneven availability across the province. Meanwhile, the black market has persisted with lower prices and better availability at times.
Producers transport cannabis to the Ontario Cannabis Store, which in turn distributes to licensed retailers. But the provincial corporation, which also has a monopoly on online sales, lost C$42 million last year on C$63.9 million of revenue.
Did you know?
An Ohio logistics company has been ordered to cough up nearly $300,000 to cover the cost of a load of lobster allegedly stolen by a subcontractor.
"The system analyzes both the driver's actions and the objects in view and should not generate a smoking alert in the case that a driver merely enjoys a candy. However, if an object similar to a cigarette is handled in a manner similar to smoking, it may generate an alert."
– Tal Krzypow, vice president of product for Eyesight Technologies, discussing new features to its FleetSense in-cab anti-distraction system.
In other news:
Ohio revokes the disadvantaged status of trucking company
The state of Ohio has revoked two disadvantaged business certifications from a trucking company whose owner is under a federal fraud indictment. (Dayton Daily News)
Hyundai's foray in fuel-cell trucking nets award
Hyundai's fuel cell trucking venture, Hydrogen Mobility Solution, received an International Truck of the Year Innovation award. (Green Car Congress)
FlyDubai boosting cargo service to Uzbekistan
Flydubai is increasing cargo service between Dubai and Uzbekistan, reflecting the increasing flow of goods. (flydubai)
Truck parking getting harder in Kentucky
FM Logistic nets Unilever contract in France
Unilever has awarded FM Logistic a contract to handle warehousing and fulfillment at a facility north of Paris. (Post and Parcel)
Many Canadian transport and logistics firms have been reluctant to touch cannabis. But those willing to do so will undoubtedly benefit, including Ottawa's 3 Sixty Secure (CSE:SAFE), a security firm that specializes in cannabis transport.
3 Sixty generated C$8.6 million in revenue and posted a net loss of C$2.5 million in the third quarter of 2019, according to earnings released on Nov. 19.
The company, which is run by a former member of the Canadian special forces, is currently a penny stock. 3 Sixty noted in its earnings that Ontario's underdeveloped retail network has been a barrier to growth – something the province is planning to grow.
Hammer down everyone!
Image Sourced from Pixabay
© 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.