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Shopify Plots Online Pot-Sales Domination After Canada Debut

  • Platform used by Ontario, B.C., Canopy, Aurora, Hexo websites
  • Company boosts full-year revenue guidance after revenue beat
Shopify Inc. Headquarters As Company's Third-Quarter Sales Beat Estimates

Photographer: Kevin Van Paassen/Bloomberg

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Shopify Inc.’s market lead in Canadian online cannabis sales should give it a leg up as other countries begin to legalize the drug for medical and recreational use, Chief Executive Officer Tobias Lutke said.

The e-commerce company has proven it has an ideal product for regulated industries which require “nimbleness because compliance with laws is always changing,” Lutke said. “As more countries think about their own regulated industries, whether it’s cannabis or otherwise, we become that first phone call,” he said on the company’s third-quarter earnings call Thursday.