The real estate industry has taken notice of a significant problem solving technology related to the pungent odour of cannabis resulting from people smoking cannabis on managed properties. “We have significant problems with respect to the odour of cannabis products on our properties” said Sam, a property manager located in Ontario, Canada. “Since cannabis legislation in Canada, we have fielded increasing complaints from tenants that find the odour offensive.” Given the problem most property management firms ban the smoking of cannabis on any managed premises.
Sam is quick to point out that the problem is not so straight forward. “In addition to the problem of cannabis odour, we now faced complaints from the smokers that they had a right to take their medication in the comfort of their own homes. Both groups were of the opinion their rights were being subverted.” He further describes the situation as a “no-win” for management.
Impact on Property Values
A second real estate specialist, Ben, is further concerned about the effect he has experienced on property values and rental rates. “The problem of odour further impacts the value of the property in many cases forming a downward trend where consistent or even intermittent cannabis odour is present.” He further goes on to comment on experiences where families, especially ones with small children, decline a property or even relocate based on the presence of cannabis odour.
In the case of negotiating price on purchasing or renting a property, the smell favors the buyer and puts the property owner on the defensive. “Even the presence or hint of cannabis odour offers the purchaser leverage on price, often pushing concessions based on the negative aspect of the odour,” says Ben.
Enter Odourless Cannabis™. While both endorsements are from slightly different areas of the real estate sector, both agree; Odourless Cannabis™ solves a significant problem making their lives, and the lives of property owners on both sides of the cannabis fence much easier.
“I am very excited about CannabCo’s upcoming product” says Ben. “I am confident Odourless Cannabis™ will have a positive impact on our industry and I can foresee many individuals adopting the product to avoid complaints.”
Lift on Smoking Ban
Sam further goes on to say that they would lift the smoking ban in the wake of the odour solution provided by CannabCo. “Without a doubt, their Odourless Cannabis™ product provides a much needed solution both for us and the real estate industry. Given the products ability to eliminate cannabis odour when tenants smoke their cannabis, we would welcome the odourless cannabis product in its efforts to provide a much needed compromise between cannabis smokers and those tenants that have a problem with the odour.”
CannabCo continues to develop multiple cannabis strains and innovative first to market products, with its undisclosed technology and grow partner. Recently CannabCo announced a cannabis strain rated at an unprecedented 41% cannabinoid content, one of the highest ever recorded in the industry. CannabCo maintains full ownership and rights to PureScent™ and the Odourless Cannabis™ technology.
CannabCo intends to release additional information on PureScent™ in the coming weeks.
About CannabCo Pharmaceutical Corp.
CannabCo Pharmaceutical Corp. is a Canadian based agro-tech company with operations in Brampton, Ontario. The company has received its “Confirmation of Readiness” from Health Canada to become a licensed producer and is currently building out its pilot facility in the Brampton Area. The company currently has two primary technologies, PureScent™ for the growing of Odourless Cannabis™, and PHOENIX, an enhanced cultivation system featuring a hydroponic grow technology with high productivity and significantly lower cost per gram than traditional grows.
Forward Looking Statements This press release may contain certain “forward-looking information” and “forward-looking statements” within the meaning of applicable securities legislation. All information contained herein that is not historical in nature may constitute forward-looking information. Forward-looking statements may be identified by statements containing the words “believes”, “anticipates”, “plans”, “intends”, “will”, “should”, “expects”, “continue”, “estimate”, “forecasts” and other similar expressions. Actual results and developments may differ materially from those contemplated by these statements. Although CannabCo believes that the expectations reflected in forward-looking statements in this press release are reasonable, there can be no assurance that such statements will prove to be accurate. Future events and results could differ materially from those set forth in, contemplated by, the forward-looking statements herein. Comments and claims related to PHOENIX and PURESCENT™ are based on that observed and the opinions of management as well as third party verifications provided to CannabCo from industry experts.
SOURCE CannabCo Pharmaceutical Corp.
For further information: For investment information and inquiries: CannabCo Pharmaceutical Corp., [email protected], www.cannabco.ca
TORONTO – One expert predicts Ottawa‘s changes to mortgage rules will help spur demand among potential homebuyers but says policies aimed at driving new supply are needed to address the “core issues” facing the market.
The federal government’s changes, set to come into force mid-December, include a higher price cap for insured mortgages to allow more people to qualify for a mortgage with less than a 20 per cent down payment.
The government will also expand its 30-year mortgage amortization to include first-time homebuyers buying any type of home, as well as anybody buying a newly built home.
CIBC Capital Markets deputy chief economist Benjamin Tal calls it a “significant” move likely to accelerate the recovery of the housing market, a process already underway as interest rates have begun to fall.
However, he says in a note that policymakers should aim to “prevent that from becoming too much of a good thing” through policies geared toward the supply side.
Tal says the main issue is the lack of supply available to respond to Canada’s rapidly increasing population, particularly in major cities.
This report by The Canadian Press was first published Sept. 17,2024.
OTTAWA – The Canadian Real Estate Association says the number of homes sold in August fell compared with a year ago as the market remained largely stuck in a holding pattern despite borrowing costs beginning to come down.
The association says the number of homes sold in August fell 2.1 per cent compared with the same month last year.
On a seasonally adjusted month-over-month basis, national home sales edged up 1.3 per cent from July.
CREA senior economist Shaun Cathcart says that with forecasts of lower interest rates throughout the rest of this year and into 2025, “it makes sense that prospective buyers might continue to hold off for improved affordability, especially since prices are still well behaved in most of the country.”
The national average sale price for August amounted to $649,100, a 0.1 per cent increase compared with a year earlier.
The number of newly listed properties was up 1.1 per cent month-over-month.
This report by The Canadian Press was first published Sept. 16, 2024.
MONTREAL – Two Quebec real estate brokers are facing fines and years-long suspensions for submitting bogus offers on homes to drive up prices during the COVID-19 pandemic.
Christine Girouard has been suspended for 14 years and her business partner, Jonathan Dauphinais-Fortin, has been suspended for nine years after Quebec’s authority of real estate brokerage found they used fake bids to get buyers to raise their offers.
Girouard is a well-known broker who previously starred on a Quebec reality show that follows top real estate agents in the province.
She is facing a fine of $50,000, while Dauphinais-Fortin has been fined $10,000.
The two brokers were suspended in May 2023 after La Presse published an article about their practices.
One buyer ended up paying $40,000 more than his initial offer in 2022 after Girouard and Dauphinais-Fortin concocted a second bid on the house he wanted to buy.
This report by The Canadian Press was first published Sept. 11, 2024.
