WATCH: A Cowichan-based medical marijuana company has sold for nearly a quarter of a billion dollars, as growing speculation about the future profits of cannabis in Canada sends stock prices soaring. Broken Coast Cannabis started up three years ago with just 10 employees and has now grown to a staff of nearly 70 with expansions left and right, but the tiny company has done it all largely without catching any locals attention. Skye Ryan has more.
Inside Ladysmith’s friendly post office, where locals rub shoulders and catch up on each other’s lives, Bloys Dekker is amazed at who he’s just learned has a postal box near his.
“You don’t expect it in a town like Ladysmith right. You’d expect it in the city like Vancouver or something,” said Dekker.
Turns out the mailing address of a cannabis company worth $230 million is here.
“Okay so it’s a little bigger than mine,” said Bloys Dekker laughing.
Many in the Cowichan Valley had no idea that Broken Coast Cannabis even existed until a whopper of a sale was announced on Monday. Major Ontario-based company Aphria purchased the local company. The licensed medical marijuana grower made a huge name for itself in the industry with over 10,000 registered patients, leading to a $230-million price tag.
“Oh we can’t keep up with demand,” said Broken coast’s John Moeller. “Our products have been very, very well received,” said Moeller.
“There’s just massive growth in the industry right now and the stock market’s reflecting that,” said Moeller.
Moeller is one of three who founded the company four years ago and is thrilled what his little company’s grown into.
“I didn’t expect this to come no, no,” said Moeller. “Its been a very rapid growth. The industry is very exciting,” he said.
With the purchase, Broken Coast’s current 26,000 square foot production facility along Cowichan’s Highway 18 is set to add another 70,000 square foot building to its lot and is expected to double its workforce of 70 employees.
“It’s a fabulous new industry,” said the President of Duncan Chamber of Commerce Julie Scurr.
“With tremendous growth potential with the legalization for recreational use.”