The post-prohibition cannabis market is growing rapidly. In fact, market statistics indicate that more and more companies are coming on board to offer products. Particularly, competition is high in Canada. In the new business environment, Victory Square Technologies Inc is investing in Canadian companies in the hopes spurring innovation that could do wonders for the industry.
Promoting innovation
In a September 20, 2018 press release, the company revealed plans to provide seed capital to establish Grow Tech Labs. Specifically, the new company will be “a dynamic business accelerator in the cannabis sector.” According to the release, the investment is in line with company strategy.
Interestingly, this is not the first investment for Victory Square. According to the release, the company worked with Tantalus Labs to pioneer a closed-system greenhouse. Basically, the partnership is aiming at finding innovative means to produce cannabis on a large scale. Notably, the system would grow large amounts of cannabis under any conditions. As a result, the venture marked a watershed moment in agricultural production of medical cannabis in Canada.
Victory Square Invests in Multiple Ventures to Grow BC Cannabis Market
Additionally, the company entered a partnership with Cannabis Wise early this year. As per the press release, the goal was to develop a certification mechanism for cannabis. Basically, the mechanism would establish a standard which market players have to meet. The central aim of the mechanism is to ensure quality products for the market to thrive.
Therefore, investing in Grow Tech Labs is a further commitment to the market improvement goal. In fact, the company hopes to make further investments and enter strategic partnerships. All of this is to make sure that British Columbia (BC) is the global cannabis capital.
Commenting on the developments, Shafin Diamond Tejani, CEO of Victory Square Technologies said: “We’re closely watching and engaged in what is a fast-moving marketplace for medical and recreational cannabis…”
Attracting Future Market Influencers
Further, the CEO hopes to grow more interest in the market through the Grow Tech Labs Accelerator initiative. According to Tejani, the initiative will encourage innovation in the growing industry. Particularly, the initiative will conduct various programs that aim to attract a diverse generation of cannabis sector leaders to Vancouver.
Additionally, the Grow Tech Labs Accelerator will conduct entrepreneurship programs and mentorship. Likewise, they will undertake social responsibility programs to give back to the supportive BC community.
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