Cannabis-focused Biome Grow Inc (CSE:BIO) said Tuesday that it is settings its eyes on Atlantic Canada, when it comes to investing in building strong Atlantic Canadian roots ahead of recreational cannabis legalization on Oct. 17, 2018.
The company said with approximately 390,000 square feet of production capacity in operation or under development primarily across Atlantic Canada, it is preparing to meet the demand that is expected to exist in the region.
"Stats Canada released the results of its National Cannabis Survey for the third quarter of 2018, which focuses on cannabis consumption in Canada, with much of it reinforcing the reasons Biome has focused on Atlantic Canada," said chief executive officer Khurram Malik. "We spotted the lack of competition and high per-capita consumption early on and set out to acquire subsidiaries and establish partnerships across the region."
READ: Biome Grow starts trading on Canadian Securities Exchange; aims to build Canadian cannabis conglomerate
Statistics Canada released the results of its National Cannabis Survey (third quarter of 2018) on Oct. 11, 2018, offering the latest insights into cannabis consumption across the country. According to Biome, the results show:
- Nova Scotians consume 51% more cannabis per capita than the national average.
- Nova Scotians have the highest cannabis consumption rate in Canada, with 23% of Nova Scotians reported consuming in the third quarter of 2018. British Columbia is the next highest with 20% of British Columbians reporting consuming cannabis in the third quarter of 2018.
- Atlantic Canada has one of the highest cannabis consumption rates of all regions in Canada, with 19.4% of Atlantic Canadians reporting that they consumed cannabis in the last three months. This is 4.2% higher than the national average of 15.2% and only British Columbia reports higher cannabis consumption.
"These statistics are important for Biome's business model, especially when you factor in that Atlantic Canada represents 7% of population and only 5% of the number of granted licences. And, when factoring in licensed capacity, the percentage is even less," said Malik.
"Our investments in the region are driven by good business sense and are allowing us to build a strong Atlantic Canadian ecosystem, including creating full-time employment, boosting economic growth and establishing partnerships with organizations interested in enhancing their communities."