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This venture led to the formation of the Hudson Bay Company, which received a monopoly from the British Crown over the entire watershed of the Hudson Bay. Encompassing approximately 3.9 million square kilometers—roughly the size of the European Union—the Hudson Bay Company became the de facto governing body of the region.
For over 200 years, the Hudson Bay Company engaged in global fur trading, solidifying its presence in the North American economy. However, the company's power waned as Canada emerged, forcing the Hudson Bay Company to relinquish its land and hunting rights.