Ontario Cannabis Retail lost $42 million in the latest fiscal year

Newly released documents show that the Ontario Cannabis Retail corporation lost $42 million in the latest fiscal year.

The crown corporation was tasked with controlling the online Ontario Cannabis Store and
wholesale distribution of recreational pot. The report listed revenues around $64 million, however, expenses totalled $106 million for the same period of time.

Since legalization nearly a year ago, the roll out was mired by supply chain issues and product shortages. The supply shortages prompted the Ford government to cap the initial number of retail licences at 25. That number is set to increase to 75 by next month.

The OCS announced last week that chief executive Patrick Ford would be retiring. Cal Bricker, senior vice-president of horse racing at Ontario Lottery and Gaming was named interim chief.