Lender to Fund Container Pot Shops on Canadian Indigenous Lands

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Lender to Fund Container Pot Shops on Canadian
Indigenous Lands
BY https//popcann.com
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• A Canadian lender to indigenous people is
  planning to fund cannabis stores on First Nations
  lands where it says communities havent reaped
  the economic benefit from the drugs
  legalization.
• Bridging Finance Inc. is starting with a store on
  the Peguis First Nation in Manitoba, according to
  chief executive officer David Sharpe. His firm is
  working with Popcann, which fashions pot stores
  from old shipping containers, and the pair are in
  talks to replicate the model in indigenous
  communities in North America.

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• For me its a fairness issue. Were lobbying the
  Ontario government to come up with more
  licenses, said Sharpe, a member of the Mohawks
  of the Bay of Quinte. We often say the cannabis
  economy is the new buffalo, so we dont want to
  miss the boat.
• Canada became the second country to legalize
  recreational marijuana in October, igniting a
  race for licenses, financing and expanded
  production. In Ontario, where Sharpe is based,
  some indigenous people have expressed frustration
  at the provincial governments plan to issue a
  maximum of eight licenses for cannabis stores on
  reserves on a first-come, first-serve basis.
  There are over 200 reserves in the province.

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• Private Debt
• Bridging Finance is funding the 1,900 square foot
  Manitoba project using a private debt fund set up
  in April to finance indigenous economic
  development. It plans to expand the fund to C500
  million (378 million).
• It will charge 1 per month on the loans for the
  Popcann projects in indigenous communities,
  according to Sharpe. The loans will be shorter
  term and flipped over to banks or other lenders
  once the projects are generating revenue, he
  said.

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• Bridging Finance and Popcann are in talks with
  several other First Nations in Canada and tribes
  in the U.S. to bring a similar model to their
  communities. Many First Nations, including
  Sharpes community of Tyendinaga, have dozens of
  unregulated pot stores but Bridging Finance will
  only fund legal outlets, he said.

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Casinos, Fisheries

• Bridging Finance currently has C1.6 billion in
  assets under management and its other direct
  lending funds invest in collateral-based bridging
  loans, inventory and accounts-receivables
  financing. Returns from the funds hover around
  8.5, according to Sharpe. The firm has already
  lent around C320 million to finance casinos,
  renewable energy, housing, grocery stores and
  fisheries in indigenous communities. The company
  has never suffered a default or had to work out a
  loan in this area before, according to Sharpe.

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• The interior of a Popcann pre-fabricated cannabis
  store.
• For Popcanns part, the company offers about
  eight different cannabis store layouts and can
  have the simplest versions up and running in 60
  days, according to Popcann Chief Executive
  Officer Jake Neiman. He envisions having 10
  Popcann stores open by the end of 2019 and 30 to
  50 by the end of 2020. It will use Bridging
  Finance loans from around C250,000 to C500,000
  depending on the size of the structure.

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• The intent is to put up a loan to get a Popcann
  fully operational and recoup that loan after its
  generating income for that community, Neiman
  said. Its kind of a no-risk, all-upside
  situation.

Reference Link https//www.bloomberg.com/news/ar
ticles/2019-08-12/lender-to-fund-shipping-containe
r-pot-shops-on-indigenous-lands
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• Contact Information
• POPCANN
• Address 116 Geary Avenue, Suite 202A
• M6H 4H1 Toronto Ontario Canada
• Email info_at_popcann.com
• Phone [phone]
• Website https//popcann.com/