“It takes about $5 million a year out of the rural convenience store pockets,” he said.
Agency stores are not allowed to mark up their alcohol prices to absorb the added expense, unlike restaurants and bars that are permitted to sell booze for more than the LCBO price, Bryans said.
An LCBO agency store makes 9.8% on its sales, and the LCBO charges 2.5% for delivery, he said.
Credit card fees also chip away at the revenue, he said.
“Now The Beer Store has dropped … another $250 delivery charge,” Bryans said. “So really, these stores are going to be working on 2% to 3% which is unfair when they handle all of the returns, all of the empties, and they have labour costs, refrigeration costs, rent costs and there’s no way to recoup that.”
EDMONTON Former Edmonton Oilers captain Mark Messier is suing an Edmonton businessman, alleging he lost more than half a million dollars in an Alberta cannabis company investment. Messier, 59, is seeking damages from Ed Moroz, the CEO of Edmonton area-based Destiny Bioscience, according to court documents filed in November in New York state. The lawsuit claims Moroz broke a personal guarantee that promised Messier wouldn’t lose money after the former hockey star’s holding company bought 400,000 shares of Destiny at a price of $500,000. “Moroz also repeatedly solicited Messier’s investment and represented that the investment was a sure thing Messier could not lose money on it,” reads the lawsuit.
Mark Messier must be wondering what he was smoking after investing $500,000 in what he later discovered was a “worthless company.”
According to court records, Messier filed the lawsuit in New York County Courts on November 18 with law firm Paul, Weiss, Rifkind, Wharton and Garrison.
New: Former New York Rangers All-Star Mark Messier alleges he lost a $500K investment in Alberta cannabis company Destiny Bioscience.
Messier says in a lawsuit vs Destiny CEO Ed Moroz that Destiny used his celebrity to raise $30M in funding.
According to a “personal and confidential advisory agreement” signed May 31, 2019, Messier was willing to be a “’good will’ ambassador for Destiny…. [helping build] business relationships with potential partners of Destiny…”
Report: Mark Messier loses $500K investment in Alberta cannabis company yahoo.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from yahoo.com Daily Mail and Mail on Sunday newspapers.