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.
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.
