Kuwaiti Billionaire’s Exit from Small B.C. Town Leaves Pot Farm and Hotel in Local Hands

Cannabis farm landscape

In a twist of fate, Kuwaiti billionaire Bassam Alghanim’s troubled cannabis company, BZAM Ltd., has divested its assets in the quaint West Boundary community of Midway. Let’s explore the intriguing tale behind this exit.

The Cannabis Venture

Back in 2019, BZAM purchased a farm along the Kettle River, west of Midway, with ambitious plans to transform it into a cannabis cultivation operation. The farm underwent significant changes, including the installation of a massive three-meter-high security fence encompassing a 0.4-square-kilometer bench above the river.

Cannabis farm landscape

The Historic Hotel

In the same year, BZAM acquired the historic Hotel Midway, which had a colorful past. The hotel was the site of a wild-west shootout in 1908, resulting in the death of hotelier Charles Thomet. However, the hotel remained vacant until BZAM stepped in.

The Kuwaiti Connection

Bassam Alghanim, the mastermind behind BZAM, inherited wealth from his father’s Kuwaiti-based industrial group. With a net worth of $1.7 billion, Alghanim made strategic moves across Canada’s cannabis landscape. His vision extended beyond the farm and hotel, encompassing a series of deals nationwide.

A New Chapter

In 2023, BZAM sold the Midway farm to Mi-Way Venture Partners Ltd., founded by Joel Dumaresq, a former CEO of Christina Lake Cannabis Ltd. The farm now hosts its first cannabis crop, cultivated by local workers using seedlings from Christina Lake’s nursery.

Community Commitment

Christina Lake Cannabis emphasizes its commitment to the community, aiming to contribute positively. Meanwhile, Hotel Midway, once housing foreign workers for BZAM, now serves as short-term rental accommodation under new ownership.

By Lily Evans

Lily Evans is a talented content writer at CBD Strains Only, bringing creativity and passion to her work in the CBD industry. With a keen eye for detail and a commitment to delivering engaging content, Lily's articles aim to educate and inspire readers about the benefits of CBD. Through her in-depth research and informative writing style, Lily strives to provide valuable insights into the world of CBD and its potential for enhancing wellness.

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