Vol. 22 No. 2
FEB 2014
READY TO GROW
Businesses, regulators sorting out system for commercial pot production [5]
EYES ON THE BORDER
theBUZZ
Canadian dollar falters, but optimism remains in cross-border business BY EVAN MARCZYNSKI The Bellingham Business Journal While the recent weakening of the Canadian dollar against the U.S. dollar has raised concerns over potential impacts to Whatcom County’s tourism and retail industries, one Ferndale-based company sees the loonie’s drop a bit differently. For the past two decades, International Market Access Inc. has offered Canadian firms U.S.based warehouse and business services, allowing them to sell products to American consumers while saving money on cross-border transportation and brokerage fees. Jim Pettinger, the company’s president, said most of his Canadian clients who make sales in the U.S. still think of money in terms of Canadian dollars. When the U.S. dollar is stronger, he prepares for a run on business. And Canadian firms with an established foothold in Whatcom County are poised to benefit, he said. “When the loonie came back, our business kind of slowed down,” Pettinger said. “We see now, in the last year or so, kind of a swing back.” The Canadian dollar averaged 94 cents on the American dollar at market closing last December, according to the Bank of Canada. The monthly average exchange rate between the two currencies steadily declined in 2013. The loonie’s highest monthly average over the past two years was
Chamber picks new president/CEO Guy Occhiogrosso has been selected to take the top job at the Bellingham/Whatcom Chamber of Commerce & Industry. He starts in his new role in March. [4]
Farmers Market: The Winter Edition The Bellingham Farmers Market brings back its monthly winter events after last year’s success. [8]
Lawmakers consider allowing state parks to sell Web ads Officials are moving cautiously , but some see lifting the adverising ban for parks as a way to generate much-needed revenue . [10]
Nominees sought for Readers’ Choice Brian Johnson of International Market Access Inc. packages boxes at the company’s Fernale warehouse. IMA offers an American home base for Canadian companies looking to ship products from within the U.S. Jim Pettinger, the company’s president, said the Canadian dollar’s drop in value could actually help boost his business. EVAN MARCZYNSKI PHOTO | THE BELLINGHAM BUSINESS JOURNAL
in September 2012, when it was worth $1.02 in the U.S. In day-to-day rates, the loonie slipped to just below 90 cents toward the end of last month, the first time it has sunk to that level since 2009. Amid the money talk, southbound border travel from British Columbia into Whatcom County is reaching highs not seen since
the 1990s. The total number of people crossing into Whatcom County rose by 5.7 percent to 16.2 million in 2013, compared to the previous year, according to data from Western Washington University’s Center for Economics and Business Research. Southbound border traffic has risen steadily over the past five years.
The travel rebound following heightened border security measures after 9/11 and exchange-rate fluctuations over the past decade has been stronger than anticipated, said Don Alper, a WWU professor and the director of the school’s Border Policy Research Institute and the Center for Cana-
Recognize the top businesses, nonprofits and professionals in Whatcom County. [6]
Business Toolkit Knowing online copyright rules. [14] Engagement, service and sausage. [14]
See BORDER, 6
INSIDE THIS EDITION: THE 2014 BOOK OF LISTS Space reserved for mailing label
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