Crown corporation the Business Development Bank of Canada (BDC) admitted to lawyer Trina Fraser they will not fund businesses “involved in the transformation, cultivation and production of cannabis,” though they said they would “review [their] position over time based on industry developments.”
- Cannabis brand manager Rachel Colic reported that venture capital companies partnered with the BDC are also banned from funding cannabis projects.
- Fraser noted the industry could not be more legal than it is, and asked what the barrier to changing policy would be. BDC representatives responded, “Developments that could influence our current risk evaluation. It is a nascent industry, that we want to understand more and continue monitoring.”
- · Fraser responded, “That feels like a cop-out. We’ve had a federally legal framework for licensed production of cannabis for over 5 yrs now (medical and/or rec). BILLIONS of $ have been invested. Will you actively engage with industry to truly evaluate risk?”
- BDC requested she contact them privately to continue the discussion.
- The cannabis industry is fast becoming one of the largest employers in some Southern Ontario areas.
London Free Press
- Health insurance plan sponsors and members are warming to MED coverage.
- BC has shared none of its excise taxes with its municipalities, and some are saying municipalities that ban REC retail should receive a smaller share than those that allow and regulate cannabis stores. Saskatchewan municipalities also complain the province isn’t sharing excise tax revenues with them.
Vancouver Sun, CBC Saskatoon, Humboldt Journal