Big news. Sucks if you’re a delivery based license holder.
Very interesting since they are a debit/credit banking only: wonder how that is approved?
Presently. No delivery
Just online ordering. No paying till pickup in person.
It’s for media testing consumer audience reaction
But being first on their menu adds sales i bet.
Canada is federally legal isn’t it?
Oh ok. I still thought Canada would have the same “no cannabis banking” that we have to skirt skillfully.
At this point crypto is gonna beat payment processing on this subject.
Technically we CAN use the banking system up here, but good luck finding one that will deal with you if you’re not public and don’t have two years of positive revenue.
3 dispensaries and a large farm had 4-6 rolling bank accounts that allowed debit or credit for 30-90 days each. You “hopped” the entire payroll and debit/credit from one to the next. Generally, you got a 30 days heads up saying to close your account.
Entire payroll is like 80-90 employees, so it was a pretty cool feat.
Those that came and succeeded will be rewarded.
I don’t personally know a single company in the legal market that’s able to say they’ve been in the black financially as a result of their own efforts/production for two straight years.
I know one that managed to get to just above breakeven for a year or so, but I think they may have slipped back. But of course I haven’t asked, its not my place to do so.
I think the success itself is surviving. So many startups.
We’re still a startup, most of the industry is. If you’re not operating in the black on a quarter to quarter basis, you’re still slogging the path to profitability, you’re still a startup.
Hell, that describes most of the pubcos in cannabis in Canada.
I think we’ll be out of that very soon, but I can’t tell the future - my crystal ball is pretty cloudy these days.
I asked if I could pay in crypto at a dispensary in Denver… the lady bouncer laughed at me from the door. Maybe it was the Canadian passport or perhaps it’s one of those things they hear everyday from customers.
Isn’t that a poor tax strategy in Canada?
In the US, the main benefit of a company is that you can provide a group of people and yourself an income, while reinvesting and deducting as much as possible so as to not have to fund our governments war against us and the world through highly taxes profits
You’re not incorrect.
However, the industry is regulated and structured in such a way as to make even that nearly impossible.
If you want to give yourself or anyone else an income for any length of time, the company needs to continue to exist. Most of the public companies have been managing that by constant money printing via dilution. That does work for a while, but is not possible for private companies.
Yup, the new LP pitch to raise money is to purchase options to buy US assets - and it’s worked for the most part. Canopy for instance hasn’t had a quarterly result better than -$11MM, Tilray’s most recent net loss was $30MM+. Most of the LPs are also given payroll subsidies.
Directors of Canadian corps are also liable for most of said corp’s taxes, interesting system