It's a collision of two nascent, exploding industries: cannabis and crowdfunding.
Ascenta, a licensed exempt market dealer registered in several Canadian provinces, has announced the creation of Bay Street Cannabis - so named for Canada's centre of finance in downtown Toronto. Qualifying Canadian cannabis companies register for the web portal to get connected with capital investment. It's being hailed as the country's first equity crowdfunding portal dedicated exclusively to the legal cannabis sector.
Investors register for the portal, then they search Bay Street Cannabis' database of posted opportunities. Then they initiate investment. Funding is transferred once the company has raised at least the minimum indicated investment, reached maximum investment, or decided to close. Once the transaction is completed , Bay Street Cannabis provides investors with the requisite documents.
According to Director of Marketing and Communications Darcy Brooks, "Bay Street Cannabis is bringing all of the experience, acumen, and enthusiasm of Canada's financial center, and marrying it with the opportunity to support disruption and innovation. Equity's investors can be confident that companies listed on the portal have been vetted to the highest regulatory standard, creating confidence and the comfort necessary to help people invest in an emerging sector."