The Alcohol and Gaming Commission of Ontario announced a second allocation process for an additional 50 retail cannabis store authorizations (RSAs) in Ontario. Of these RSAs, 42 will be granted through a second expression of interest lottery (Second Lottery) and eight have been allotted for First Nations reserves.
In addition to the standard acknowledgement and a $75 application fee, the following pre-qualification requirements have been added in the Second Lottery:
Letter of confirmation from a Schedule I or Schedule II bank, a credit union or a caisses populaire, which must confirm the applicant is in good standing and has the financial capacity necessary to obtain $250,000 in cash or cash equivalents.
Commitment to provide letter of credit to confirm the applicant has the financial capacity necessary to obtain a standby letter of credit in the amount of $50,000.
Secured location in the applicable region which may not be located less than 150 metres from a public or private school.
Application materials must be submitted between 12:01 a.m. EDT on August 7, 2019 and 8 p.m. EDT on August 9, 2019.
The Second Lottery draw will be held on August 20, 2019.
DISCLAIMER: This post is intended to convey general information about legal issues and developments as of the date above. It does not constitute legal advice and must not be treated or relied on as such.