Alberta’s latest cannabis growers said Tuesday they remain bullish about the nascent industry despite a major sell-off of pot stocks that has sent share prices tumbling for months.
After submitting its application for a production license four years ago, Airdrie’s Sundial Growers secured Health Canada’s approval last week, becoming the third legal producer of medical marijuana in Alberta.
The facility west of Airdrie is relatively small for the industry, at 30,000 square feet, but the company plans to break ground in the coming weeks on a $120-million grow-op spanning 400,000 square feet in the central Alberta town of Olds.
Sundial, which remains privately held, has not faced any problems raising money through private equity deals to fund its expansion, despite indications of investor fatigue in public markets, said Stan Swiatek, the company’s founder and chief operating officer.
Swiatek said there is a race underway across the cannabis industry to build production facilities big enough to