Ontario Cannabis Retail Corp. lost $42 million in the latest fiscal year, according to newly released public documents.
The provincial Crown corporation tasked with online sales and wholesale distribution of recreational pot reported revenues of $64 million for the year ended March 31, 2019.
However, Ontario's consolidated financial statements show the OCRC, which operates as the Ontario Cannabis Store, racked up expenses totaling $106 million during the period.
A gold-plated warehouse with all the trimmings and super security would cost at most $10 million in a private enterprise setting. The producers who grow the fricking weed have entire production facilities that go from seed-in-dirt to finished-packaged-shipped product, and those cost a lot less than $100 million bucks. According to industry numbers, a grow-op costs $42 per square foot for indoor cultivation.