Farm Credit Canada, a government-owned agricultural lender, has steadily elevated its publicity within the regulated cannabis sector lately, in keeping with new figures supplied to Marijuana Business Daily.

The Crown company’s present lending to the cannabis sector sits at round 140 million Canadian {dollars} ($106 million), which accounts for 0.24% of its total portfolio.

While Farm Credit Canada (FCC) supplied whole lending and lending as a share of its portfolio, the Regina, Saskatchewan-based group stated it’s unable to share info on the variety of cannabis companies it really works with due to  privateness necessities.

“FCC’s lending to the cannabis sector over the past three years has shown steady and consistent growth,” a spokesman informed MJBizDaily by way of e-mail.

“During the last six months, customers and potential borrowers applying for FCC lending products have been subject to normal lending due diligence, which considers business viability, credit history and management integrity and experience.”

As a share of the company’s portfolio for every of the previous three years, cannabis has risen from:

  • 0.06% in September 2018.
  • 0.10% in September 2019.
  • 0.24% in September 2020.

Canada legalized adult-use cannabis in October 2018.

Earlier this 12 months, Farm Credit Canada stated cannabis companies hit by the COVID-19 pandemic could be eligible to use for short-term, government-backed credit score and mortgage cost deferrals.

The companies wanted to be “financially viable entities” earlier than the onset of the pandemic to be eligible.

Matt Lamers is Marijuana Business Daily’s worldwide editor, primarily based close to Toronto. He will be reached at [email protected].

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