On the recommendation of the undersigned, the Lieutenant Governor of Ontario, by and with the advice and concurrence of the Executive Council of Ontario, orders that:

Pursuant to subsection 19(1) of the Ontario Cannabis Retail Corporation Act, 2017,

  1. On or before September 29, 2023, the Ontario Cannabis Retail Corporation (“OCRC”) shall pay into the Consolidated Revenue Fund (“CRF”) its net profits in the amount of $150 million, from its cash balance as at March 31, 2023.
  2. The OCRC shall pay into the CRF its net profits by quarterly payments each fiscal year equal to the OCRC’s annual budgeted net income less finance income reported in the OCRC’s audited financial statements for that year and shall be adjusted based on actual net income realized.
  3. For each fiscal year commencing with fiscal year 2024-2025, quarterly payments shall be paid two months after the close of each quarter on August 31, November 30, February 28 and May 31, provided that if any quarterly payment date is not a business day, that quarterly payment shall be made on the next succeeding day that is a business day.
  4. For the 2023-2024 fiscal year, the OCRC shall pay its first quarterly payment on or before September 29, 2023, for the period from April 1, 2023 to June 30, 2023, and shall pay its subsequent quarterly payments on November 30, February 28, and May 31.
  5. For the purposes of paragraph 2, finance income is comprised of interest income on cash and cash equivalent balances.
Ministry of Finance

Approved and Ordered: September 15, 2023