What’s In This Email

• Opinion: Toronto’s pot shop boom turns bust, vacant storefronts need a new plan

• Tilray brands acquires craft breweries from Molson Coors

• Michelin Guide recommends Koh Lipe

• Cool things to do in Toronto that don’t involve eating

• Notable Spotlight: Authentic Flamenco

• Notable Plug 🔌

✍️ TAKE NOTE

Opinion: Toronto's Pot Shop Boom Turns Bust. Time for a New Plan for Vacant Storefronts

The cannabis retail industry in Toronto is facing a harsh reality check as a significant number of pot shops go out of business, leaving vacant storefronts scattered across the city. With the initial enthusiasm for marijuana legalization failing to meet expectations, city officials are now tasked with finding solutions to prevent these empty spaces from blighting neighborhoods.

Key Takeaways

• High Turnover in Cannabis Stores: Since marijuana legalization in 2018, Toronto has seen 558 cannabis retail applications. However, 140 licenses have been canceled, indicating that around 25% of these businesses have closed their doors.

• Impact on Streetscapes: The rapid turnover of cannabis shops contributes to the growing number of vacant storefronts in Toronto, exacerbating the issue of empty retail spaces that worsened during the COVID-19 pandemic.

• Limited Growth in Cannabis Use: Despite legalization, the number of Canadians using cannabis regularly has only slightly increased, from 15% in 2018 to 17% in 2023. This modest growth has not supported the high number of cannabis retailers that initially sprang up.

• Policy Changes Needed: To address the negative impact of vacant cannabis stores, city officials, including Mayor Olivia Chow, are encouraged to advocate for changes to restrictive display rules. Currently, cannabis products cannot be visible from outside the stores, leading to unwelcoming storefront designs and increasing the risk of robbery.

• Incentivizing Occupancy: City council should revisit the idea of a vacant storefront tax to discourage long-term vacancies and promote affordable retail space for independent businesses. Such policies could also be paired with reduced commercial property taxes for occupied retail units to further encourage tenancy.

• New Competition for Retail Space: With convenience stores now permitted to sell alcoholic beverages, the retail landscape is set to change again, potentially creating more vacancies as new players enter the market and some existing ones, like Beer Store locations, may close.

Why this matters: As Toronto navigates the post-legalization landscape, it's crucial to manage the fallout from the cannabis retail boom responsibly. Addressing vacant storefronts through thoughtful policy changes can help revitalize neighborhoods, support local businesses, and maintain vibrant, welcoming streetscapes.


Read the full article here.

Tilray Brands Finalizes Acquisition of Craft Breweries from Molson Coors

Tilray Brands, Inc., a global lifestyle and consumer packaged goods company, has completed its acquisition of several craft beer brands from Molson Coors Beverage Company. This strategic move marks a significant expansion of Tilray’s footprint in the U.S. craft beer market, further solidifying its position as a leading player in the industry.

Key Takeaways

• Acquisition Details: Tilray has acquired Hop Valley Brewing Company, Terrapin Beer Co., and Revolver Brewing from Molson Coors. This acquisition makes Tilray the fifth-largest craft brewer in the U.S. and strengthens its market presence in key states like Texas, known for high beer consumption.

• Strategic Benefits: Irwin D. Simon, CEO of Tilray Brands, emphasized the acquisition's role in driving revenue, creating cost synergies, and expanding distribution. The acquisition adds 30% more beer-buying accounts to Tilray's portfolio, enhancing its reach across the U.S. craft beer market.

• Enhanced Portfolio: Tilray’s beverage portfolio now includes leading brands like SweetWater Brewing Company, Montauk Brewing Company, and Breckenridge Brewery, alongside non-alcoholic options like HiBall Energy and cannabis beverages Mollo and XMG.

• Growth Vision: The acquisition aligns with Tilray's mission to innovate and expand its lifestyle and consumer goods offerings, ensuring high-quality products that meet evolving consumer needs.

Why this matters: Tilray’s acquisition highlights its strategy to diversify beyond cannabis into the beverage sector, leveraging synergies to strengthen its market position. As a leading craft brewer, Tilray is well-positioned to capitalize on consumer trends and drive growth in the competitive U.S. market. This move also underscores the company's commitment to enhancing shareholder value through strategic acquisitions and market expansion.

Read the full article here.

@chsmrtnz

definitely a must try in scarborough but they also have a toronto location! 🫶 #torontoeats #scarborough #thingstodotoronto #michelinguide ... See more

@joelleanello

3 super cute Toronto activities, because there’s more to do here than go out to eat 💅 #torontoactivities #thingstodointoronto

Authentic Flamenco Presents El Yiyo

Get Tickets - Selling Fast

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Disclosure: While we utilize artificial intelligence (AI) to assist with certain aspects of content development, all information provided in our content is thoroughly vetted and edited by our team of humans. We strive to ensure the accuracy and reliability of all information. However, we recommend that readers conduct research or seek professional advice to make informed decisions. This email may contain sponsored content.