STEER Technologies Inc (OTCMKTS:STEEF) Stock In Focus After Obtaining Licence to Operate a Liquor Delivery Service in Ontario

Integrated ESG technology platform, STEER Technologies Inc (OTCMKTS:STEEF), on May 9, 2023, announced that the subsidiary Food HWY Canada Inc has been given a license for operating liquor delivery services by the Alcohol and Gaming Commission of Ontario (AGCO).

Trading Data

On Tuesday, STEEF stock decreased 3.09% to $0.2131 with more than 3.19K shares, compared to volume of 11.50K shares. The stock moved within a range of $0.2050 – 0.2212 after opening trade at $0.2194.

STEER Obtains Licence to Operate a Liquor Delivery Service in Ontario

The company’s customers can now give orders tofavorite restaurants as well as vendors through the mobile app. One of the main goals of AGCO is to promote responsible alcohol consumption and ensure businesses operate in compliance with regulations.

A Liquor Delivery Service Licence enables the licensee to provide liquor purchased from the Liquor Control Board of Ontario or any manufacturer’s on-site or off-site retail store. STEER is expecting this to be a standalone service and along with food delivery orders, to complement On-demand STEER Foods and Delivery as a Service. This will have a positive impact on its revenues in the next few quarters.

As per IWSR Drinks Market Analysis, online ordering of alcohol has happened largely during the pandemic, with a quarter of global drinkers now going online. Alcohol e-commerce sales are anticipated to reach over USD $42 billion across key markets by 2025, which is a growth of +66%.

Suman Pushparajah, CEO of STEER Technologies Inc said that the company is excited about commencing liquor delivery of the Foods and Delivery services. Pushparajah said that the firm has seen significant uptake in orders since the beginning of the rollout of alcohol beverage deliveries at STEER. The CEO also said the trend is here to stay.