January 18, 2018 11:53 am

Former TD Bank CEO Ed Clark to become new chairman of LCBO, steer Ontario’s marijuana sales

Fri, Sep 8: The LCBO will run new standalone pot shops and marijuana and alcohol will not be sold together. Alan Carter has more.

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TORONTO – A retired bank executive is set to become the next chairman of the Liquor Control Board of Ontario, a Crown corporation tasked with selling and distributing recreational marijuana once it’s legalized this summer.

Former TD Bank CEO Ed Clark has served as Premier Kathleen Wynne’s business adviser and most recently worked on the province’s bid to land the new Amazon headquarters.

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READ MORE: Ontario introduces marijuana legislation with steep fines for illegal dispensaries

Finance Minister Charles Sousa says Clark’s appointment as chairman of the LCBO’s board of directors will be finalized by Ontario’s cabinet this morning.

The province announced last fall that it plans to create a subsidiary of the Liquor Control Board of Ontario that will run the stores.

READ MORE: Ontario mayors seek advice on pot rules from province ahead of legalization

The agency itself will oversee the planning process to establish their locations.

The province plans to set up approximately 150 stand-alone cannabis stores by 2020 with the first wave of 40 stores opening in 2018.

VIDEO: Ed Clark on the future of the LCBO, OPG, and Hydro One

© 2018 The Canadian Press

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