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B.C. firm walks back talk to commercialize cocaine after drawing Trudeau’s ire

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A British Columbia company that received federal approval to produce and sell cocaine has revised its original statement that outlined plans to commercialize the controlled substance.

Adastra Labs issued a clarification Friday that said the Langley, B.C., company is “not currently undertaking any activities with cocaine,” and its amended Controlled Drug and Substances Dealer’s Licence does not permit the firm to sell cocaine to the general public.

Adastra Labs CEO Michael Forbes said in the original statement on Feb. 22 that the company would “evaluate how the commercialization of this substance fits” with the firm’s business model. That reference was removed in the latest statement.

Health Canada approved Adastra Labs’ licence amendment to allow the production, sale and distribution of cocaine on Feb. 17. Under the licence, Adastra cannot produce more than 250 grams of cocaine in 2023.

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Scrutiny on the issue began Thursday when B.C. Opposition leader Kevin Falcon brought up Adastra’s original statement on commercialization plans during question period at the provincial legislature.

The issue quickly triggered responses from both Prime Minister Justin Trudeau and B.C. Premier David Eby.

Trudeau said Friday he was “as surprised as” Eby about Adastra’s plans. He said that the federal government was “working very quickly” with Adastra Labs “to correct the misunderstanding” caused by the company’s statement on commercialization.

Trudeau said Adastra did not have permission to sell cocaine on the “open market,” while Health Canada said the firm could only sell to other licence holders.

“I was as surprised as the premier of British Columbia was to see that a company was talking about selling cocaine on the open market or commercializing it,” he said, adding that Adastra’s licence was “not a permission to sell it commercially or to provide it on an open market.”

Trudeau also said commercializing decriminalized cocaine “is not something that this government is looking at furthering.”

Eby said on Thursday he was “astonished” by Adastra’s plans, and the province had not been notified or consulted by Health Canada on the matter.

The premier said Friday that he has spoken to the federal government, and that he is “further disturbed” to hear from Health Canada that Adastra may have “significantly misrepresented the nature of the licence” in an irresponsible manner.

“I find it more than a little bit frustrating that Health Canada is not apparently in line with us in terms of the direction we’re going,” he said. “We need to work together on the toxic drug crisis and our response to it.”

In a written statement, Health Canada says it “thoroughly reviews applications” to ensure licensees follow all existing policies on public health and safety.

“Health Canada has contacted the company to reiterate the very narrow parameters of their licence,” it says regarding Adastra Labs. “If the strict requirements are not being followed, Health Canada will not hesitate to take action, which may include revoking the licence.”

Meanwhile, a second B.C. company says it is now also licensed to produce, sell and distribute cocaine, as well as opium and MDMA, also known as ecstasy.

Victoria’s Sunshine Earth Labs, a biosciences firm that “aims to bring safer supply of drugs to the global market,” said in a news release it obtained an amended Controlled Drug and Substances Dealer’s Licence to include MDMA and cocaine last year.

It said received an amendment to possess, produce, sell and distribute opium and morphine in January.

On Friday, Sunshine Earth also issued a revised statement, saying the company is licensed to conduct activities with these controlled substances “under tight limitations imposed by Health Canada.”

When asked how many other companies have received similar amendments to their licences, Health Canada said it does not share or publish the list of companies who have received licences, nor does it discuss the status of applications for licensing amendments due to safety, security and privacy reasons.

Health Canada spokesman Mark Johnson said it is “not new” to have companies getting licence amendments such as these, and “some companies have had this substance on their licence for 20-plus years.”

B.C.’s drug decriminalization policy went into effect at the end of January, allowing individuals who are 18 and over to possess up to 2.5 grams of opioids, cocaine, methamphetamine and MDMA without criminal penalties.

The decriminalization is a three-year pilot project and a part of the province’s ongoing effort to stem the overdose death rate, with an average of more than six people dying every day in B.C. last year.

For its part, Sunshine Labs said it “does not engage in promoting or launching safer supply initiatives” and defers the implementation of policy on decriminalized cocaine, opium and MDMA to experts.

But the company also said the elevated overdose death rate in B.C. coincides with public health officials’ reports that the majority of deaths came from occasional, rather than chronic, users.

That means decriminalization may not be enough, Sunshine Labs’ statement says, and points to some experts suggesting providing users with “an opportunity to purchase certified drugs with known levels of purity and quantity” as a way to prevent deaths.

“While this notion may be difficult for some to accept, it represents the rational next step,” the statement said.

Safe-supply drug policy advocates, however, said Health Canada’s decision to issue cocaine-related licences to private companies does little to address the actual issues on the streets.

John Braithwaite, supervisor and former board member at the Vancouver Area Network of Drug Users, or VANDU, said the group saw its own plan for safe supply rejected by the province a few months ago.

To see companies receive licences for substances like cocaine, he said, felt like a “slap in the face” because VANDU does not believe for-profit firms have the drug users’ best interest at heart or an understanding of how their products would affect the community.

“Our plan involves the community,” Braithwaite said. “The Downtown Eastside knows what they want and knows what they need to save lives.”

Adastra Holdings Ltd., Adastra Labs’ holding company, saw its share price on the CSE rise from $0.85 on Thursday morning to $1.33 at closing Friday, a 56.5 per cent increase.

— By Chuck Chiang in Vancouver

This report by The Canadian Press was first published March 3, 2023.

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Calgary breaks all-time record in housing starts but increasing demand keeps inventory low – CBC.ca

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Soaring housing demands in Calgary led to an all-time record for new residential builds last year, but inventory levels of completed and unsold units remained low due to demand outpacing supply.

According to the latest report from Canada Mortgage and Housing Corporation (CMHC), total housing starts increased by 13 per cent in Calgary, reaching a total of 19,579 units with growth across all dwelling types in the city.

That compares to a decline of 0.5 per cent overall for housing starts in the six major Canadian cities surveyed by CMHC.

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Calgary also had the highest housing starts by population.

“Part of the reason why we think that might have happened is that developers are responding to low vacancies in the rental market,” said Adebola Omosola, a housing economics specialist with CMHC.

“The population of Calgary is still growing, a record number of people moved here last year, and we still expect that to remain at least in the short term.”

Earlier this year, the Calgary Real Estate Board also predicted that demand, especially for rental apartments, wouldn’t let up any time soon. 

Industry can cope with demand, expert says

According to numbers from the report, average construction times were higher in 2023 for all dwelling types except for apartments.

The agency’s report suggests the increase in the number of under-construction residential projects might mean builders are operating at or near full capacity.

However, there’s optimism the construction industry can match the increasing need.

Brian Hahn, CEO of BILD Calgary Region, said despite concerns around about construction costs, project timelines and labour shortages, the industry has kept up with the demand for new builds.

Demand is expected to remain robust, but the construction industry can keep up, according to BILD Calgary region CEO Brian Hahn.
Demand is expected to remain robust, but the construction industry can keep up, according to BILD Calgary Region chief executive officer Brian Hahn. (Shaun Best/Reuters)

“I’ve heard that kind of conversation at the end of 2022 and I heard it in 2023,” Hahn said.

“Yet here we are early in 2024, and January and February were record numbers again.”

Hahn added he believes the current pace of construction will continue for at least the next six months and that the industry is looking at initiatives to attract more people to the trades.

Increase in row house and apartment construction

Construction growth was largely driven by new apartment projects, making up almost half of the housing starts in Calgary in 2023.

The federal housing agency says 9,034 apartment units were started that year, an increase of 17 per cent from the previous year. Of those, about 54 per cent were purpose-built rentals.

Apartments made up around two-thirds of all units under construction, CMHC said, with the total number of units under construction reaching 23,473.

Growth, however, was seen across all dwelling types. Row homes increased by 34 per cent from the previous year while groundbreaking on single-detached homes grew by two per cent.

“Notwithstanding challenges, our members and the industry counterparts that support them managed to produce a record amount of starts and completions,” Hahn said.

“I have little doubt that the industry will do their very best to keep pace at those levels.”

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Ottawa real estate: House starts down, apartments up in 2023 – CTV News Ottawa

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Rental housing dominated construction in Ottawa last year, according to a new report from the Canada Mortgage and Housing Corporation (CMHC).

Residential construction declined significantly in 2023, with housing starts dropping to 9,245 units, a 19.5 per cent decline from the record high observed in 2022. But while single-detached and row housing starts fell compared to 2022, new construction for rental units and condominiums rose.

“There’s been a shift toward rental construction over the past two years. Rental housing starts made up nearly one third of total starts in 2023, close to double the average of the previous five years,” the report stated.

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Apartment starts reached their highest level since the 1970s.

“The trend toward rental and condominium apartment construction follows increased demand in these market segments due to population growth, households looking for affordable options, and some seniors downsizing to smaller units,” the CMHC said.

Demand from international migration and students, the high cost of home ownership, and people moving to Ottawa from other parts of Ontario were the main drivers for rental housing starts in 2023. The CMHC says rental and condominium apartment starts made up 63 per cent of total starts in 2023, compared to the average of 37 per cent for the period 2018-2022.

There was a modest increase in rental housing starts in 2023 over the record-high seen the year prior and a jump in new condominiums. The report shows 5,846 new apartments were built in Ottawa last year, up 2.1 per cent compared to 2022.

Housing starts in Ottawa by year. (CMHC)

Big demand for condos

The CMHC said condo starts reached a new high in 2023, increasing 3 per cent from 2022 numbers.

“As of the end of 2023, there were only 13 completed and unsold condominium units, highlighting continued demand for new units,” the CMHC said.

Condominum starts increased in areas such as Chinatown, Hintonburg, Vanier and Alta Vista, as well as some suburban areas like Kanata, Stittsville, and western Orléans. Condo apartment construction declined in denser parts of the city like downtown, Lowertown and Centretown, the report says.

Taller buildings are also becoming more common, as the cranes dotting the skyline can attest. The CMHC notes that buildings with more than 20 storeys accounted for nearly 10 per cent of apartment structure starts in 2022 and 2023, compared to an average of 2 per cent over the 2017-2021 period. The number of units per building also rose 7 per cent compared to 2022.

Apartment building heights in Ottawa by year. (CMHC)

Single-detached home construction down significantly

The number of new single-detached homes built in Ottawa last year was the lowest level seen in the city since the mid 1990s, CMHC said.

“The Ottawa area experienced a slowdown in residential construction in 2023, driven by a significant decline in single-detached and row housing starts,” the CMHC said.

Single-detached housing starts were down 45 per cent compared to 2022. Row house starts dropped by 38 per cent compared to 2022, marking a third year of declines in a row.

“Demand for single-detached and row houses also declined in 2023. Higher mortgage rates and home prices have led to a shift in demand toward more affordable rental and condominium units,” the report said.

There were 1,535 single-detached housing starts in Ottawa last year, 208 new semi-detached homes and 1,678 new row houses.

The majority of single-detached and row housing starts were built in suburban communities such as Barrhaven, Stittsville, Kanata, Orléans and rural parts of the city.

“Increased construction costs resulting from higher financing rates and inflation that occurred in 2022 and 2023 contributed to the decline in construction in the region,” the CMHC said. 

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Trump’s media company ticker leads to fleeting windfall for some investors

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A man looks at a screen that displays trading information about shares of Truth Social and Trump Media & Technology Group, outside the Nasdaq Market site in New York City, U.S., March 26.Brendan McDermid/Reuters

Possible confusion over the new stock symbol for former President Donald Trump’s Truth Social (DJT-Q) saw some investor brokerage balances briefly jump by hundreds of thousands of dollars on Tuesday, the first day Trump’s “DJT” ticker traded.

Several people complained on social media about briefly seeing the value of their DJT stock holdings on Charles Schwab platforms inflated to figures more in line with what they would be worth if the shares traded at the level of the Dow Jones Transportation Average.

Some users said they faced a similar issue in pre-market hours on Morgan Stanley’s E*Trade trading platform.

Shares of Trump Media & Technology Group opened Tuesday at $70.90, while the Dow Jones Transportation Average started the session at 15,937.73 points.

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For one trader, the Schwab brokerage balance jumped by more than $1 million due to the error, according to a screen grab shared on social media platform X. Reuters was unable to contact the trader or independently verify the brokerage balance.

“It sure was nice seeing millions in the account, even if it wasn’t real,” another person, going by the username @DanielBenjamin8, who faced the issue in his E*Trade account, posted on X.

Two X users and one on Reddit surmised that the inflated balances were due to the ticker symbol for the company being nearly identical to the index.

A spokeswoman for Charles Schwab said that certain users on some of Schwab’s trading platforms saw their brokerage balances briefly inflated due to a technical issue.

The issue has been resolved and investors are able to trade equities and options on Schwab platforms, she said. Schwab declined to describe the exact cause of the issue.

E*Trade did not immediately respond to a request for comment outside of regular business hours.

Trump Media & Technology Group and S&P Dow Jones Indices, which maintains the Dow Jones Transportation Average Index, did not immediately comment on the issue.

While social media users said the issue appeared to have been resolved, many rued not being able to cash out their supposed gains from the error.

“I better go tell my boss that I’m actually not retiring,” the trader whose account balance had briefly jump by more than $1 million, wrote on X.

Trump Media & Technology Group shares surged more than 36% on Tuesday in their debut on the Nasdaq that comes more than two years since its merger with a blank-check firm was announced.

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