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Marijuana auction reveals risky business

WATCH: The sudden closure of a medical marijuana grow-op in Richmond means its equipment is now being auctioned off. John Daly explains why some say this could be the start of a trend – May 31, 2016

RICHMOND, B.C. – If you’re in the market for 350 marijuana grow lights, 50 air ventilators or two dozen giant fans, then you’re in luck.

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All the equipment in defunct medical cannabis producer MediJean’s former 20,000 square-foot facility in Richmond, B.C., will be auctioned off on Thursday.

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Observers say the company’s closure draws attention to the costly risks involved in launching a pot-production business in Canada.

MediJean’s former chief operating officer Chris Dollard says he left the company before its shutdown but he believes its application to be a licensed producer was rejected by Health Canada.

He says companies have to invest millions to establish operational facilities before Health Canada can approve their applications, and the process takes years.

Able Auctions president Jeremy Dodd says the building was sold with its contents and the new owners are auctioning off all the equipment, worth more than $1 million.

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