With markets plummeting, the sector opened the week to a report from Tantalus Labs CEO Dan Sutton that a senior official at the federal Business Development Bank of Canada (BDC) told him they are “not authorized to do business with cannabis companies.” This means cannabis companies will be shut out of national COVID relief stimulus funds for small businesses, which include $10B in increased loans to “qualifying” businesses from BDC and Export Development Canada.
Twitter–@DSutton1986, GrowthOp, Globe and Mail

The sector reacted with shock, anger, and talk of lawsuits and civil liberties.
Twitter–@TrinaFraser, @MarkHauk, @BeardedGreenly, @AaronWAnderson, @Nick_Laba

  • Auxly CEO Hugo Alves noted BDC is a Crown corporation but refuses to do business with an industry created by the federal government.

Some federal funds are available–but only through federal agricultural lender Farm Credit Canada, which may only lend to those involved in growing. Processors and those involved in wholesale and retail worry they will have no access.
MJ Biz Daily, Twitter–@ms_janeen_davis

Organigram VP public affairs Cameron Bishop demanded the sector be recognized as a “legitimate economic driver” responsible for “thousands of jobs nationwide” and “hundreds of millions in investments.”

The three cross-party co-chairs of the  Parliamentary Cannabis Caucus, NDP MP Don Davies, Conservative MP Scott Reid, and Liberal MP Nate Erskine-Smith signed a joint letter to finance minister Bill Morneau demanding cannabis have access to COVID-19 stimulus measures.