A cannabis plant.

A cannabis plant.

Investment in Canadian pot industry likely to increase

Carmen Wannop, from Dycar Pharmaceuticals Ltd, confirmed there is interest stateside in the industry.

Arne Petryshen

The new Liberal government could mean an increase in U.S. investment in the pot industry here in Canada. Already investors are looking at the medical marijuana field due to the top down approach that Canada is taking federally. That is in contrast with the U.S. where the individual states are leading the charge.

Carmen Wannop, from Dycar Pharmaceuticals Ltd, confirmed there is interest stateside in the industry.

She and Dylen Wannop, the CEO of Dycar, are going to a conference in November in Silicon Valley for exactly that reason. She added it was planned prior to the federal election.

“We’ve been planning on attending that seminar since July or August, somewhere in there,” she said.

She said one of the things she said it comes down to is that it is the federal government that is licensing the medical marijuana, rather than the individual provinces. In the U.S., marijuana is still an illegal substance federally .

“It’s more lucrative for a U.S. investor to invest in Canada,” she said. “Down in the states, because it is the individual states licensing it, not the federal government, the DEA can still walk in and if they find just cause, shut the place down, even though the state has licensed it, because it is against federal law.”

She noted that in Canada it is the opposite, which makes for a safer investment.

Wannop also touched on the application process that Dycar is currently in the midst of for the Cranbrok facility. She said they have had some interaction with Health Canada, which is in charge of issuing the licences.

“We are now in the back and forth stage with Health Canada, so based on their steps, we have advanced, which is a good thing,” Wannop said. “They asked us to clarify the stuff that was in our application and we had the deadline of until mid-September to get that in, which we did. So far we haven’t heard anything else back, so that should be a good thing.”

She also said that Dycar is moving forward with getting some new investors in so that they can purchase the building and begin renovations.

“Ours has always been a matter of when, not if,” she said. Rather than wait for their inspection date to come forward, they plan on starting that ahead of time.

“So there’s no slow down on our end,” she said.

Wannop said they were hoping originally that the application would be approved earlier this year.

“We were honestly hoping to be there and renovating by April of 2015,” she said. “So yes, the process did definitely slow down quite a bit, but it’s definitely still going. Having this election called, it didn’t stop it, but it definitely as far as we can see, slowed the process down a bit.”

Wannop said she couldn’t speak to the effects the federal government would have on the process.

“We know as much as you guys know based on their platform,” she said. “Based on their platform they said they are going to keep this program going and just elaborate on it.”

She said that until the incoming prime minister appoints his cabinet, there isn’t much to go on as far as what changes are coming.

“Until then we’re just kind of playing the wait and see game,” she said. “Health Canada is still working, we know that. They may also be wondering what’s going to go on. They were working for a Conservative government before, now they will be working for a Liberal government.”

 

Just Posted

The City of Cranbrook and the Ktunaxa Nation raised the flag of the Ktunaxa Nation at the arches entrance into the city’s downtown core during a ceremony on Monday, June 21. Photo courtesy City of Cranbrook.
Ktunaxa Nation flag raised at downtown arches entrance

The Ktunaxa Nation flag was raised at the Cranbrook arches — the… Continue reading

Kimberley Search and Rescue were able to quickly respond to a call for service and transport an injured mountain biker to East Kootenay Regional Hospital over the weekend. Kimberley SAR file photo.
Kimberley Search and Rescue respond to injured mountain biker on Bootleg Mountain

Kimberley Search and Rescue responded to a call for service this past… Continue reading

FILE – Perry Bellegarde, National Chief of the Assembly of First Nations, takes part in an event on Parliament Hill in Ottawa on Tuesday, July 7, 2020. THE CANADIAN PRESS/Sean Kilpatrick
Indigenous Peoples Day must be a ‘call to action’, says Assembly of First Nations chief

Discovery of children at Kamloops residential school site must lead to change, Perry Bellegarde says

City of Cranbrook, Ktunaxa Nation to host flag ceremony on National Indigenous Peoples Day. (Corey Bullock file)
City of Cranbrook, Ktunaxa Nation hosting flag ceremony on National Indigenous Peoples Day

A temporary road closure and speed limit reduction will be in effect during the ceremony

A tent housing a mobile vaccination clinic. (Interior Health/Contributed)
Over 5K jabbed at Interior Health mobile COVID-19 vaccine clinics

The clinics have made stops in more than 40 communities since launching last week

The border crossing into the United States is seen during the COVID-19 pandemic in Lacolle, Que. on February 12, 2021. THE CANADIAN PRESS/Paul Chiasson
VIDEO: Border quarantine to soon lift for fully vaccinated Canadians

Eligible travellers must still take multiple COVID-19 tests

Chilliwack secondary school’s principal is apologizing after a quote equating graduation with the end of slavery in the U.S. was included in the 2020-2021 yearbook. (Screenshot from submitted SnapChat)
B.C. student’s yearbook quote equates grad to end of slavery; principal cites editing error

Black former student ‘disgusted’ as CSS principal apologizes for what is called an editing error

Skeena MLA Ellis Ross. (Photo by Peter Versteege)
BC Liberal leadership candidate condemns ‘senseless violence’ of Okanagan church fires

Skeena MLA Ellis Ross says reconciliation isn’t about revenge for past tragedies

A coroner’s inquest will be taking place at the Capitol Theatre in Port Alberni for the next week. (ELENA RARDON / ALBERNI VALLEY NEWS)
Teen B.C. mom who died following police custody recalled as ‘friend to many’

Police sent Jocelyn George to hospital after intoxication had gone ‘beyond the realm’ of normal detox

FILE - In this Nov. 29, 2020, file photo, Las Vegas Raiders defensive end Carl Nassib leaves the field after an NFL football game against the Atlanta Falcons in Atlanta. Nassib on Monday, June 21, 2021, became the first active NFL player to come out as gay. Nassib announced the news on Instagram, saying he was not doing it for the attention but because “I just think that representation and visibility are so important.” (AP Photo/John Bazemore, File)
Nassib becomes first active NFL player to come out as gay

More than a dozen NFL players have come out as gay after their careers were over

Penticton Indian Band Chief Greg Gabriel speaks to the Sacred Hearts Catholic Church burning down early Monday morning, June 21, 2021. (Monique Tamminga Western News)
Penticton band chief condemns suspicious burning of 2 Catholic churches

Both Catholic church fires are deemed suspicious, says RCMP

COVID-19 daily cases reported to B.C. public health, seven-day moving average to June 17, 2021. (B.C. Centre for Disease Control)
B.C.’s COVID-19 infections drop to 90 on Sunday, 45 Monday

Pandemic spread dwindles as 77% of adults receive vaccine

By protesting uninvited in First Nations’ territories, conservationists are acting in a neocolonial or paternalistic manner, says Huu-ay-aht Chief Robert Dennis. Photo by Heather Thomson
A closer look: do Vancouver Island First Nations support the war in the woods?

First Nations/environmentalist old growth alliance uneasy, if it exists at all

A blood drive in support of 1-year-old Rielynn Gormley of Agassiz is scheduled for Monday, June 28 at Tzeachten First Nation Community Hall in Chilliwack. Rielynn lives with type 3 von Willebrand disease, which makes it difficult for her to stop bleeding. (Screenshot/Canadian Blood Services)
Upcoming blood drive in honour of Fraser Valley toddler with rare blood condition

The Gormley family has organized a blood drive in Chilliwack on June 28

Most Read