Canadian Cannabis Researchers Given Access to 40 Billion in Grants

3 Shares

The American Cannabis Industry was left out of the loop of research grants and credits - but not in Canada where the government is utilizing everything from analytical labs to those that have the ability to research and come up with novel treatment ideas:

It’s not a shocking revelation to find that, once again, the United States government shows its weakness in relation to our friends across the Canadian border. In a move to intensify the ability to find new ways to combat the spread of Coronavirus, the officials in Canada called on those with specified knowledge in cannabinoid medicine and specifically those that research. But, in America where the virus is rampantly out of control – especially in New York – those of us with extensive knowledge in how plant medicine works are sidelined from obtaining any funding or even legally researching a schedule one substance with anything more than a petri dish or rodent. Many of us in the U.S. have high hopes that our counterparts in Canada will work with us and allow our theories and ideas to fill gaps and give vision.

As reported today by Grow Opportunity Canada:

In an interview with The Canadian Press, Michael Denham said the program from the Business Development Bank of Canada and Export Development Canada would now be open to all businesses. Devastated bars and lounges as well as the country’s hard-hit cannabis sector will have access to $40 billion in new credit being made available via the government’s business bank during the COVID-19 crisis, its CEO said on April 5.

“Any legal business is eligible to be part of the program – that was what I think some industry groups were concerned about,” Denham said from Montreal. “That was clarified and we’re going to formally announce it on Monday.” Applicants must go through their own banks to access the program.

The business development bank is a federal corporation with a loan portfolio of about $35 billion. Half the $40-billion from the credit availability program will be in addition to that, Denham said. Although it backstops higher risk loans than banks do, the Crown corporation does aim to be commercially viable. Those approaching their financial institutions for access to the program will have to show they would have been able to handle a loan before the coronavirus hit.

The development bank, which has about 60,000 clients, has been making other changes given the unprecedented impact of the pandemic, Denham said. It has lowered its interest rates, waived fees, and increased the amount of risk it is taking on with its loans. “All these changes are meant to make ourselves as easy and accessible within the confines of BDC being a lender,” Denham said. “We’re doing what we need to do.” Struggling businesses have been pressing for deferment of existing loan obligations as well as access to capital loans to help them weather the COVID storm.

The restaurant sector has been particularly hard hit by widespread closures governments and health authorities have ordered in an effort to curb the spread of COVID-19. A recent survey suggested almost one in 10 restaurants had already closed, and nearly one in five expected to close if conditions didn’t improve quickly.

The cannabis industry, which had been struggling pre-pandemic, has also had stores close, although online sales continue. The development bank has seen a flood of new applicants in recent weeks. As many applications have come in via its online financing platform since the start of the crisis in mid-March as would normally be received in a full year.

“That’s indicative of the amount of demand and volume we need to need to deal with,” Denham said. “We’re organizing ourselves to be able to deal with that level of volume, because of the intensity of the crisis.” Like many other Canadians, the development bank’s 2,300 employees were sent home on Friday, March 13. The organization reopened for business on the following Monday, with staff working remotely.

Meanwhile, applications for federal government relief benefits are expected to start flooding on Monday as people who have lost their jobs begin applying for emergency pay. Prime Minister Justin Trudeau said people would start getting their $2,000 a month within five days if they used direct deposit. “My advice to all entrepreneurs: Understand the programs, talk to your bank, see what’s right for you, and take advantage,” Denham said.

The answer my friends… is blowing in the wind.

As some continue to search for answers to try to kill a virus that so far just won’t die, others such as myself are looking at ways to combat the actual symptoms that lead to severe cases and lead to necessary ventilation. We know that the epithelial cells of the lungs are under attack with this – and we also know an immune system response is what literally causes the demise in most patients. What’s frustrating is that some of us in America have discovered ways to combat this but can’t step forward with our knowledge, even if science-based, as it’s making a ‘medical claim’. Do we really have the gumption as a nation to care about ‘medical claims’ when we are not caring about whether or not kids with severe disabilities have services that are mandated by federal law? If we’re allowed to bypass services such as required educations and therapies for the severely disabled we should be allowed to bypass Schedule one for the purposes of investigation specifically to combat not only a virus but the symptoms it causes.