Saskatchewan cannabis nursery Mother Labs’ recent success securing 1.8 million Canadian dollars ($1.4 million) in federal funding shows how Canada’s cannabis industry can benefit from government financing at a time when capital is scarce.
“It’s smart money, and it will be truly helpful for us to grow and expand throughout the prairies and throughout western Canada,” Brian Bain, CEO of privately held Mother Labs, told MJBizDaily.
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Public records show that cannabis business funding – in some cases worth millions of dollars – has been made available from a range of Canadian federal government bodies for applications including business development, expansion and research.
The investment in Mother Labs from federal agency Prairies Economic Development Canada (PrairiesCan) was announced in late June, alongside funding to 10 other Saskatchewan businesses.
Selling equity or raising funds from a private lender is particularly difficult in the contemporary cannabis sector, Bain said.
“Money is
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