Photo: The Canadian Press

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.

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.

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.