TORONTO — The Ontario Cannabis Store says it will be reducing its price margins in a bid to help pot retailers compete with the illicit market.
The provincial pot distributor announced the margin change Thursday, saying it will be implemented in September.Sign up to receive daily headline news from Ottawa Citizen, a division of Postmedia Network Inc.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc. You may unsubscribe any time by clicking on the unsubscribe link at the bottom of our emails or any newsletter. Postmedia Network Inc.
“This announcement will allow producers to better compete with the illicit market, particularly when it comes to dried flower,” said Charlie Bowman, chief executive and president of licensed producer Hexo Corp. in an email. The average price for vape cartridges has similarly fallen by 41 per cent from $32.02 per gram around legalization to $19 per gram a year later.
Then, licensed producer SNDL Inc. announced a layoff impacting 85 employees at its Olds, Alberta facility that it said would deliver $9 million in savings. However, the changes won’t come into effect until later in the year. The OCS said the delay is meant to give it and licensed producers time to consider changes to existing products and their release schedules.
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