Canadian CANNAINVESTOR Magazine November / December 2019 | Page 207

Alberta eyes 500 pot shops by 2021, no consumption lounges planned: regulatory official

One of the provinces in Canada that has become the biggest market for cannabis retail is Alberta and Alberta Gaming, Liquor and Cannabis stated in October that it expects the number of stores to rise to 500 by 2021. At this point, the regulatory body has given permission to 306 stores. That being said, cannabis consumption lounges are not in the scheme of things yet.

Canada's Marijuana Sales Hit a Record High for the Sixth Straight Month

On the other hand, data from Statistics Canada has revealed that marijuana sales in Canada hit record highs for the sixth month consecutively. According to retail sales data provided by the agency, the sales of marijuana in August hit a record of $97.28 million and that was another record. At a time when the industry is struggling, that is significant news.

Biggest Stock Movers/News

Canopy makes sports brand acquisition

Canopy Growth (CGC), which is among the largest cannabis companies in the world, continued its expansion by acquiring BioSteel Sports Nutrition. The acquisition is meant to help Canopy get into the CBD infused sports items. The transaction is going to give Canopy a72% ownership of the company and help it enter a space that could have a significant long term upside.