Ontario’s government-owned marijuana wholesaler was sitting on more than 500 million Canadian dollars ($367 million) in cash earlier this year, but officials have declined to spell out why the Ontario Cannabis Store held on to that much money rather than remit some of it back to the provincial government earlier.
According to recently disclosed Ontario Cannabis Store (OCS) financial statements, the wholesaler had CA$536 million ($394 million) in cash as of March 31, 2023 – the end of its fiscal year – including millions of dollars in interest revenue.
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That cash stockpile has fallen since then, after the OCS only recently began paying a dividend to the Ontario government.
But the monopoly wholesaler – the most profitable cannabis operation in Canada – is still holding hundreds of millions of dollars in cash.
Both the Ontario Ministry of Finance and the OCS have declined to get into
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