LP in Owen Sound Scaled Back

Canadian Bioceutical Corporation is a licensed producer in Owen Sound with plans for a $14 million investment in an old textile factory and the potential to create a 100 new jobs. But delays and uncertainty from Health Canada is quickly crushing any future plans. President and CEO Scott Boyes told Bayshore Broadcasting News that the plant is being scaled back “dramatically”.

Boyes said that he can’t justify to shareholders investing any more than $5-to-$6 million, as well the number of potential jobs have been scaled back from 100 to 35.

Boyes said the federal government has “made a mess of the whole process” and has no idea when he’ll get the green light from Health Canada to produce medical cannabis. He said the election is probably holding up the process, but fears a Liberal win due to more uncertainty and delays with revamped legislation. Boyes said he’d rather have the current government enforce the laws they put into place and approve of at least 30 to 40 more LPs since he’s aware of “hundreds of small producers and the licensed producers” that are struggling.

He has “no idea what an NDP win would mean to the medical marijuana industry.”