A common complaint from “Canadian capitalists” is that we need to be more like our American counterparts. Well, we got what we asked for but not what we wanted, with obesity on the rise in Canada according to a new study.

Just like our neighbours, we look for the easy way out - making the coming semaglutide (ozempic) patent expiry an interesting catalyst for Loblaw (L), as lower cost generics get the green light and the addressable market expands (both in size and waistline).

But Loblaw’s pharmacy segment (Shoppers Drug Mart) has been crushing it for some time, with same-store sales growth tracking well ahead of the traditional grocer business, resulting in a fat premium to peers… it’s probably priced in.