Some of Canada's largest banking institutions are cultivating cannabis clients. Some of the biggest business and commercial outlays from these banks are loans to entrepreneurs in Canada invested in the now legal cannabis market. Both the Canadian Imperial Bank of Commerce (CIBC) and the Bank of Montreal (BMO) provided $80 million loan to marijuana cultivator PharmHouse.
The two major railway companies in the country are on track to weather possible economic fallout from the U.S.-China trade war. Amid business and commercial undertakings in Canada last year, Canadian Pacific Railway and Canadian National Railway actually drove total rail freight traffic up by four per cent in 2018 thanks to shipping more than 20 per cent more petroleum and oil during the year. Even with a pipeline shortage of oil in Canada, crude by railway exports increased.
Toronto Dominion Bank was the pack forerunner when it came to dealmaking in 2018. It was a year in Canada that was replete with mergers and acquisitions deals with TD Bank's securities division outshining its competitors. The slowpoke area of business in 2018, however, seems to have been in equity financing -- the slowest it had been in a decade.
An new entity has been created by the coming together of two managed service providers. In mergers and acquisitions news in Canada, Fully Managed Technology Inc. and CareWorx Corporation have merged, giving birth to CareWorx Fully Managed. The new company will have 270 employees under its wing as it takes flight.
The provincial government is investing in the province's northern mining supply and services industry. The business and commercial sectors of Ontario have been given a boost with the recent news that the province will be pumping more than $2 million into businesses in Nipissing from the Northern Ontario Heritage Fund. Money will go to four separate mining supply and service companies and is expected to create 46 full-time and two part-time jobs.
Another major vehicle manufacturer will be closing up shop. The business and commercial world was sent reeling recently as General Motors announced that it would be closing its Oshawa, Ontario plant, leaving 2,800 workers unemployed. The plant is the largest employer in the city, which used to employ 23,000 people in the 1980s.
The Liberal government has ordered postal workers to get back on the job. Canada's business and commercial sectors have been taking a hard hit due to rotating strikes imposed by Canada Post employees. The government has given the Canadian Union of Postal Workers (CUPW) 90 days to work with a mediator to come to an agreement, failing which an agreement will be imposed.
Apparently there isn't nearly enough legal cannabis available for consumers. In business and commercial news, since cannabis use became legal earlier in October, supplies have been limited in Ontario, which, experts say, may push many back to the black market for their pot purchases. The provincial government is citing unbelievably high demand and labour rumblings at Canada Post for the issues.
The American government has added yet another restriction onto Canadian dairy farmers -- concessions regarding skim milk and other milk products. The move affects the business and commercial world of Canada's dairy farmers. In fact, experts say new North American Free Trade Agreement rules could really affect the dairy industry's growth in Canada and the ability the industry has of getting rid of excess product.
Canadians who are world-renowned for being nice, but apparently they aren't being particularly kind to American citizens who are living and working in Canada. According to a Canadian newspaper, when it comes to the business and commercial world, Canadians have an ax to grind against their neighbours to the south, and it isn't helping to entice talented business-minded Americans to cross the border for work. And it's not boding well either for Canada's reputation for having amicable citizens.