Amid national marijuana shortage, Alberta suspends new retail licenses
The Canadian province of Alberta said Wednesday that it had received only about 20% of the pot it had ordered in the weeks following the country’s legalization of the drug on Oct. 17. As a result of the dearth of weed, Alberta said it was not going to grant new retail licenses until the supply issues had been resolved. “While some licensed producers have fulfilled their commitments, not all have,” president of Alberta Gaming, Liquor and Cannabis Alain Maisonneuve said in a statement. “We continue to work with them to fill stock. Unfortunately, regardless of our efforts, we are seeing the supply of most products run out.” Unlike some provinces which have chosen to run government controlled pot stores, Alberta has opted to grant private retailers the ability to sell cannabis. For the most part, cannabis stocks gained Wednesday. ETFMG Alternative Harvest ETF , which tracks pot companies, rose 3.1%, as the S&P 500 index climbed 0.8%.
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