With cannabis legalization rolling around the corner, more and more companies are looking to be a part of the action. Yesterday, news surfaced about the possibility of Ontario having Second Cup cannabis shops — an announcement which, to no surprise, sent the company's shares into the green zone.
Second Cup Cannabis Shops: Will it Happen?
News broke late Wednesday, but the market didn't catch on to how monumental this move is (if it happens) until Thursday, hence yesterday's stock jump.
According to Second Cup, an Ontario-based coffee retailer, the company as well as its partner, National Access Cannabis Corp., are planning to convert Second Cup shops into cannabis retail outlets. If this happens, the shops will operate under a new name: Meta Cannabis Supply Co.
So Why is This Big News?
Okay, Second Cup cannabis shops are pretty cool, but why is the cannabis market making such a big deal out of it? After all, it's not the only company moving into the cannabis retail industry.
Well, there are two reasons as to why this cannabis news hit the hearts of many this week. First, Second Cup has over 130 coffee shops in Ontario, which means, depending on how many are turned, there could be Meta Cannabis Supply stores throughout Ontario.
>> Cannabis Beer Market: Constellation Ups Investment as Province Builds Cannabis Brewery
Second, the news came not long after Ontario said it was going to delay the launch of cannabis stores. This likely played a part in the market's optimism about the Second Cup cannabis stores because the citizens of the Canadian province spent the majority of this week upset about the delay.
The Takeaway
How do you feel about the possibility of Second Cup coffee shops turning into cannabis stores? If you're a coffee lover, don't worry - surely, the company will keep the best locations for you.
Featured Image: Twitter
