Cannabis legalization voted Canadian Press’s Business Story of the Year

TORONTO — Canada’s trailblazing move to legalize cannabis for recreational use, which sparked an entirely new industry and had wide-ranging implications for nearly every facet of society, has been voted The Canadian Press Business News Story of the Year.

The term “disruption” in business has become so overused that it has become an empty cliche, but it is warranted in the case of pot legalization, said Andrew Meeson, deputy business editor at the Toronto Star.

“It’s hard to think of an area in Canada that hasn’t been shaken up: not just commerce (from criminal act to booming startup to takeover target in the blink of an eye), but also policing, health care, justice, politics. Even culture (just ask Tommy Chong),” he said.

“If that doesn’t make it the business story of the year, I don’t know what would.”

In an annual poll of the country’s newsrooms conducted by The Canadian Press, business editors and reporters across the country chose cannabis legalization in a landslide, with 60 per cent of the votes cast.

The terse negotiations between Canada, U.S. and Mexico towards a new North American Free Trade Agreement was a distant second with 30 per cent of votes.

Canada’s pipeline conundrum, with the Trans Mountain pipeline expansion now in limbo after a court overturned its regulatory approval in August and a U.S. court throwing out the Keystone XL pipeline’s presidential permit in November, came in third out of eight possible candidates with 10 per cent of the vote.

“Pipelines would have won, hands down if it weren’t for the creation of an entirely new industry in Canada,” said David Blair, a business columnist with CBC Radio. “Rarely, if ever, do journalists get to cover the opening of a new market, especially one that is as controversial as cannabis.”

The world was watching when the country made history with the first legal sale of non-medicinal pot just after midnight on Oct. 17 in Newfoundland and Labrador, due to its time zone being 30 minutes ahead of the rest of Canada.

It marked the beginning of what the New York Times dubbed Canada’s “national experiment,” and the culmination of months, if not years, of preparation by legislators and law enforcement officials at all levels and in each province, territory, and municipality.

While Oct. 17 represented an extension from the initial target set for July, and licensed producers ramped up production in the lead-up, long lines of customers were met with widespread product shortages online and in the relatively few bricks-and-mortar stores that were ready on day one.

Still, many Canadians were simply elated to be able to buy government-sanctioned pot after nearly 100 years of prohibition.

“My new dealer is the prime minister!” said Canadian fiddler and pop star Ashley MacIsaac, who in 2001 had been arrested for possession in Saskatchewan.

But cannabis mania had been bubbling for months before legalization, with retail investors rushing to invest in the latest pot company to list its stock. Cannabis company valuations in the lead up to Oct. 17 soared and some of the banks’ online direct investment platforms were bombarded with unprecedented trading volumes.

At one point producer Tilray Inc.’s stock on the Nasdaq exchange in September hit a peak of US$300, giving the Nanaimo, B.C.-company a market value higher than established Canadian conglomerates such as Loblaw Companies Ltd. and Rogers Communications Inc.

Pot will be cited for years to come as many Canadians’ first experiences with investing, said Pete Evans, senior business writer for CBC News.

“Cannabis mania deserves some credit — and maybe blame — for ushering an entire new generation of primarily young people into making their first stock market investments ever,” he said.

A flurry of merger and acquisition activity in the sector, even before legalization, fuelled investor interest as well.

Aurora Cannabis Inc. was on an acquisition spree this year, buying rival CanniMed Therapeutics for $1.1 billion after a terse takeover battle and later MedReleaf for $3.2 billion.

Alcohol giant Constellation Brands in August announced it was upping its investment in pot producer Canopy Growth Corp. — in the largest strategic investment in the pot space to date — to increase its ownership stake to 38 per cent. The Corona beer-producer also received warrants that, if exercised, would up its stake to more than 50 per cent.

And earlier this month, Big Tobacco came calling, as the number of countries that legalized cannabis for medical use continues to grow.

Marlboro maker Altria Group Inc. said it planned to invest $2.4 billion in pot producer Cronos Group Inc. for 45-per-cent ownership, with an option to increase that stake in the future.

The Altria-Cronos deal gave the overall sector a slight lift, but pot stocks have largely come off their highs after legalization as reality set in and concerns mounted about lofty valuations.

Canadian marijuana companies have found themselves in the crosshairs of short-sellers, as well.

Aphria Inc. earlier this month saw its stock value more than cut in half over three days after two short-sellers targeted the Leamington, Ont.-based cannabis producer with a raft of allegations, including that its recent international acquisitions were “largely worthless.” Aphria has called the allegations “inaccurate and misleading” and is confident in the deal in question, but has appointed an independent committee to review their claims.

Meanwhile, recreational pot supply shortages continue to linger. Several cannabis producers in part blamed supply chain issues for contributing to the shortage and have said they are aiming to increase their production, but it will likely take more time fresh product to hit the market.

Quebec’s cannabis corporation stores continue to be closed from Monday to Wednesday as a result. And in Ontario, where the only legal way for residents to buy adult-use pot is through the government-run online portal, the provincial government said it will hand out a limited number of retail licenses due to the shortages.

The Ontario government initially said it would not cap the number of licenses, but now says it will only be able to issue 25 licenses by April via a lottery system. This deals a blow to a slew of companies who have been putting down deposits to secure prime real estate locations in the country’s most populous province in anticipation of obtaining a license.

“Seemingly overnight, activity that always existed on the margins of society has come into the centre,” said Evans.

“It’s been fascinating to watch the growing pains that have ensued… It will be interesting to see in the coming months and years how and if the reality lives up to expectations for the industry.”

Armina Ligaya, The Canadian Press

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Lacombe meat processor scores $1.2 million dollar provincial tax credit to help expansion

Published on July 5, 2025

Government of Alberta

Alberta’s government continues to attract investment and grow the provincial economy.

The province’s inviting and tax-friendly business environment, and abundant agricultural resources, make it one of North America’s best places to do business. In addition, the Agri-Processing Investment Tax Credit helps attract investment that will further diversify Alberta’s agriculture industry.

Beretta Farms is the most recent company to qualify for the tax credit by expanding its existing facility with the potential to significantly increase production capacity. It invested more than $10.9 million in the project that is expected to increase the plant’s processing capacity from 29,583 to 44,688 head of cattle per year. Eleven new employees were hired after the expansion and the company plans to hire ten more. Through the Agri-Processing Investment Tax Credit, Alberta’s government has issued Beretta Farms a tax credit of $1,228,735.

“The Agri-Processing Investment Tax Credit is building on Alberta’s existing competitive advantages for agri-food companies and the primary producers that supply them. This facility expansion will allow Beretta Farms to increase production capacity, which means more Alberta beef across the country, and around the world.”

RJ Sigurdson, Minister of Agriculture and Irrigation

“This expansion by Beretta Farms is great news for Lacombe and central Alberta. It not only supports local job creation and economic growth but also strengthens Alberta’s global reputation for producing high-quality meat products. I’m proud to see our government supporting agricultural innovation and investment right here in our community.”

Jennifer Johnson, MLA for Lacombe-Ponoka

The tax credit provides a 12 per cent non-refundable, non-transferable tax credit when businesses invest $10 million or more in a project to build or expand a value-added agri-processing facility in Alberta. The program is open to any food manufacturers and bio processors that add value to commodities like grains or meat or turn agricultural byproducts into new consumer or industrial goods.

Beretta Farms’ facility in Lacombe is a federally registered, European Union-approved harvesting and meat processing facility specializing in the slaughter, processing, packaging and distribution of Canadian and United States cattle and bison meat products to 87 countries worldwide.

“Our recent plant expansion project at our facility in Lacombe has allowed us to increase our processing capacities and add more job opportunities in the central Alberta area. With the support and recognition from the Government of Alberta’s tax credit program, we feel we are in a better position to continue our success and have the confidence to grow our meat brands into the future.”

Thomas Beretta, plant manager, Beretta Farms

Alberta’s agri-processing sector is the second-largest manufacturing industry in the province and meat processing plays an important role in the sector, generating millions in annual economic impact and creating thousands of jobs. Alberta continues to be an attractive place for agricultural investment due to its agricultural resources, one of the lowest tax rates in North America, a business-friendly environment and a robust transportation network to connect with international markets.

Quick facts

Since 2023, there are 16 applicants to the Agri-Processing Investment Tax Credit for projects worth about $1.6 billion total in new investment in Alberta’s agri-processing sector.

To date, 13 projects have received conditional approval under the program.
- Each applicant must submit progress reports, then apply for a tax credit certificate when the project is complete.
Beretta Farms has expanded the Lacombe facility by 10,000 square feet to include new warehousing, cooler space and an office building.
- This project has the potential to increase production capacity by 50 per cent, thereby facilitating entry into more European markets.

Related information

Agri-Processing Investment Tax Credit

Agriculture

Unstung Heroes: Canada’s Honey Bees are not Disappearing – They’re Thriving

Published on June 19, 2025

Todayville

By Peter Shawn Taylor

Canada’s Bee Apocalypse began in 2008. That was the year the Canadian Association of Professional Apiculturists (CAPA) first reported unusually high rates of winter bee colony losses. At 35 percent, the winter die-off that year was more than twice the normal 15 percent rate of attrition.

“Successive annual losses at [these] levels … are unsustainable by Canadian beekeepers,” the CAPA warned. This set off an avalanche of dire media reports that now appear on a regular basis. Among the many examples over the years: Huge Honey Bee Losses Across Canada” and “Canada’s bee colonies see worst loss in 20 years”. As each of these stories reminds readers, the disappearance of honey bees will doom our food supply, given their crucial role in pollinating crops including canola, soyabeans, apples, tomatoes and berries.

This year the black-and-yellow striped Cassandras are back at work, with headlines shouting “Scientists warn of severe honeybee losses in 2025” and “The Bees are Disappearing Again”. If it’s spring, the bees must be disappearing. Again.

It is, however, mathematically impossible for any species to be in an allegedly continuous and calamitous state of decline over nearly two decades and never actually reduce in number. For despite the steady supply of grave warnings regarding their imminent collapse, Canada’s bees are actually buzzing with life.

In 2007, according to Statistics Canada, there were 589,000 honey bee colonies in Canada,; in 2024, they reached 829,000, just shy of 2021’s all-time high of 834,000. Figuring a conservative summertime average of 50,000 bees per colony, that means there are approximately 12 billion more honey bees in Canada today than when the Bee Apocalypse first hit.

As for beekeepers, their numbers have also been growing steadily, and now stand at 15,430 – the most recorded since 1988. As CAPA’s report acknowledges, “the Canadian beekeeping industry has been resilient and able to grow, as proven by the overall increase in the number of bee colonies since 2007 despite the difficulties faced every winter.”

How is this possible? As is usually the case where there’s a need to be filled, the market holds the answer.

It is true that Canadian honey bees face a long list of threats and challenges ranging from mites and viruses to Canada’s harsh winters. It is also true that they perform a crucial service in pollinating crops, the value of which is estimated at $7 billion annually. However, this underscores the fact that bees are a livestock bred for a particular agricultural purpose, no different from cattle, chickens or pen-raised salmon. They are a business.

And in spite of its alleged status as an environmental totem, the honey bee isn’t even native to North America. It was first imported by European settlers for its honey-making abilities in the 1600s. Since then, it has been cultivated with deliberate commercial intent – allowing it to outcompete native pollinators such as bumble bees and butterflies even though it is poorly suited to the local winter. (This highlights the irony of all those native-plant pollinator gardens virtuously installed in neighbourhoods across Canada that end up supporting an invasive honey bee population.)

The significance of the bee economy means that when a beehive collapses over the winter for whatever reason, beekeepers have plenty of motivation to regenerate that colony as swiftly as possible. While hives can create their own queens over time, this can be a slow process given the cold Canadian climate. The better option is to simply buy a new queen from a warmer country.

In 2024, Canada imported 300,000 queens worth $12 million, mostly from the U.S., Italy, Australia and Chile. That works out to $40 each. In a miracle of nature, each of these new queens can lay up to 2,500 eggs a day, and each egg takes just two to three weeks to reach full maturity as a worker or drone. It is also possible to import entire “bee packages” that include a queen and 8,000 to 10,000 bees.

As a result, even a devastating 50 percent winter loss rate, something that has occurred only rarely in Canada in individual provinces and never nationally, isn’t necessarily fatal to any beekeeping operation. The beekeeper can purchase imported queens in April, split their existing colonies and be back in business by May or June.

And regardless of the honey bee’s apparent difficulties with Canada’s unforgiving weather (efforts are ongoing to breed a hardier Canadian variant), there’s no shortage of bees worldwide. Earlier this year, the German statistical agency reported the global beehive count rose from 69 million in 1990 to 102 million in 2023. Another study looking back to 1961 by New Zealand researchers found the number of honey bee colonies has “nearly doubled” over this time, while honey production has “almost tripled.” As the New Zealand report observes, “Headlines of honey bee colony losses have given an
impression of large-scale global decline of the bee population that endangers beekeeping, and that the world is on the verge of mass starvation.” Such claims, the authors note, are “somewhat inaccurate.” In truth, things have never been better for bees around the world.

Here in Canada, the ability to import queens from other countries, together with their prodigious reproductive capabilities, backstops the amazing resiliency of the bee industry. Yes, bees die. Sometimes in large numbers. But – and this is the bit the headlines always ignore – they come back. Because the market needs them to come back.

If there is a real threat to Canada’s bee population, it’s not environmental. It’s the risk that unencumbered trade in bees might somehow be disrupted by tariffs or similar bone-headed human interventions. Left on their own, bees have no problem keeping busy.

The longer, original version of this story first appeared at C2CJournal.ca