The marijuana industry is coming to the rescue of Smith Falls, Ontario, an old factory town that is experiencing an unlikely renaissance now that Canopy Growth Corp., Canada’s largest publicly-traded cannabis producer, has become the town’s largest private-sector employer.
This summer, Canada will become the second country after Uruguay to legalize marijuana at the federal level, which has driven a boom in the local cannabis industry, according to Bloomberg.
Smiths Falls, Ontario – population 8,885 – is seeing a revival of fortunes since medical marijuana producer Tweed Inc. set up shop four years ago in an abandoned Hershey Co. chocolate factory. The company, since renamed Canopy Growth Corp., has become the world’s largest publicly traded cannabis producer and is the town’s largest private-sector employer.
For Smith Falls, Canopy’s arrival heralded a boom in younger people moving to the town, located about 75 kilometers (47 miles) southwest of Ottawa. There are sometimes bidding wars on homes. New businesses are arriving. And commercial property is seeing renewed interest. Canopy, formerly known as Tweed Inc., took over an old Hershey factory to build a giant growing operation for medical marijuana. How’s that for symbolism?
We’re recognized as the pot capital of Canada – and we’re proud of that, Mayor Shawn Pankow said in an interview from the town hall, a two-story brick building erected in 1859 on the main street. The local economy is certainly far better today than it was before Tweed came to town.
This post was published at Zero Hedge on Sat, 12/30/2017 –.