Medical marijuana is a rapidly growing industry, and with the federal government looking into legalization, the potentially enormous economic return is something the province of New Brunswick is counting on.
The Gallant government has recently announced a $4 million investment for Zenabis, a marijuana production facility in Atholville, and has given previous money to medical marijuana producer Organigram in Moncton.
“We see it as a huge opportunity both in the growth of medical marijuana and the impending legalization,” said Susan Holt, New Brunswick’s chief of business relationships.
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She adds that the province is well suited to accommodate this budding industry, and that right now the focus is on developing retail, research and production.
“We’re really good at growing trees and potatoes, we’ve learned a lot about tracking from that first seed right through to the end product and that’s gonna be important in the marijuana industry,” Holt said.
Despite some some wondering if it’s safe for the government to invest so heavily in an unregulated market, Holt says the investments being made are smart ones.
“We’re really careful about where we invest dollars and we structure deals to make sure that we’re going to get more money back then we put in, so that if it’s not a profitable investment then the government of new Brunswick is not going to make it,” she said.
“And we’re working really hard to be responsible and make sure the economic impact is clearly articulated that if we put $1 million we can expect $4 million back from the private capital invested and the income tax and HST.”
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