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The cannabis industry is one of the most promising emerging markets in Canada as the country moves towards legalization in 2018. Early estimates predict the sector will generate $1.1-billion by 2020, yet access to institutional debt is almost non-existent.
Credit unions have traditionally created opportunities by working judiciously with underserved industries and groups. The cannabis sector is expected to grow exponentially within the first year of legalization and presents many investment opportunities for credit unions.
As Canada’s cannabis market undergoes a radical transformation, there are opportunities for entrepreneurs to participate in commercial ventures, from supplying, producing, processing and distributing to marketing and selling. By providing financial services to an industry that currently faces stiff challenges in even opening deposit accounts, credit unions can place themselves competitively ahead of more traditional institutions.
However, knowing the risks as well as the rewards of working with the industry will be key to any successful partnership. MNP has one of the country’s most experienced, comprehensive teams dedicated to both the credit union and cannabis sectors, with exceptional experience in the accounting, audit, tax, financial and regulatory issues impacting both industries.
We believe the regulated cannabis sector will be a major driver of the economy and business opportunities and have become a leading business, accounting and tax advisor in the sector. Our team helps entrepreneurs and business leaders address opportunities, risks and uncertainties in this shifting environment, including those related to regulations, licensing, pricing and competition.
MNP’s Credit Union team has a vision to support and strengthen credit union leadership, knowledge and financial position. As such, we are constantly looking for opportunities to help credit unions and the people and industries they support grow and succeed.
For more information, contact Annette Bester, National Credit Union Leader, at 306.664.8327 or [email protected]
Related Topics:Financial Institutions
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