HOW MANY CANADIAN JOBS AGAIN?
Does Deloitte’s latest report inflate cannabis job numbers?
MjBizDaily’s international editor Matt Lamers doesn’t hesitate to call out BS when he believes he sees it. The latest example? Deloitte’s recently published Canadian cannabis industry report on the economic impact of legalization, which Lamers claimed wildly over-reports the number of jobs created in the sector.
In a Twitter thread, Lamers said that Deloitte claims Canada’s cannabis industry employs or sustains 43,479 jobs but according to his own count, between 16,214 and 20,817 jobs were recorded in 2019. Lamers believes Deloitte added up job numbers for each year from 2018-2021 to get to its number and noted, “Obviously, that’s a terrible idea, because a worker employed at one company in all four of those years will be counted as ‘4’ jobs…”
The takeaway
“For years, the cannabis industry has suffered from a lack of widely-available reliable data and unreasonable, nearly impossible to achieve, expectations,” tweeted Lamers. “Stuff like this only makes those issues worse, and contributes to capital being misallocated.”
Enjoy Cannabis Daily each morning at 7 a.m.
MAKE POS COOL AGAIN
The POS battle is heating up
Canada’s Greenline POS is joining forces with Jane Technologies of the US to roll out new e-commerce and “live menu integration” in its point-of-sale software for Canadian cannabis retailers, starting in Ontario, according to a press release.
Patchwork approaches to compliance and fast-moving inventory mean cannabis retailers require cannabis-specific point-of-sale solutions.
Some (but not all) of the other POS companies vying to dominate the cannabis retail space are:
- Dutchie, which was recently valued at $1.7 billion
- COVA, which was recently acquired by Waitr and recently launched Dabber
- Vancouver-based TechPOS
- Flowhub, which raised $19 million last year
HAVE YOU EVEN BEEN TO BC?
‘We have the best cannabis of the world,’ says Rep. Nancy Mace
US Rep. Nancy Mace, who is behind the business-friendly States Reform Act, told Yahoo News that legalization is one of the least controversial issues among Americans today, and that the US has “the best cannabis of the world.”
Mace also said:
- She herself used cannabis to overcome the psychological impact of being sexually assaulted as a high school kid
- Cannabis should be treated like alcohol by regulators, not heroin
- Democrats have told her they will conduct a hearing on her bill
- Some Republicans do not support her bill, and see Mace as a non-team player
- After Amazon said they support the bill, she hopes to see more support from the business community
While we applaud her efforts to legalize cannabis federally in the US – we would like to extend an invitation to Nelson, BC…
DOWN UNDER (VALUED?)
Australia’s MGC Pharma reports strong sales as it waits for key drug approvals
Slow progress on drug trials and regulatory approvals are likely why investors aren’t yet seeing the value in Australia’s MGC Pharmaceutical, which reported its strongest ever quarterly sales, reports BusinessCann.
About MGC
- The company is developing cannabis-based treatments for Alzheimer’s, dementia, Covid-19
- Reported $1.8 million in sales in its last quarter
- That’s a significant jump from the previous year, when it sold a total of $2.8 million through 12 months
- MGC stock fell by approximately 15% on the LSE on Monday
