The Globe and Mail reports in its Monday edition that Scotiabank and Royal Bank of
Canada say they are not providing accounts to companies associated
with the marijuana industry, leaving some business owners
scrambling to find alternative arrangements. A Canadian Press dispatch to The Globe says that after a decade-long relationship
with Bank of Nova Scotia, Hemp Country owner Nathan
MacLellan received a letter from the bank late last month
stating his account was being cancelled. The store in Woodstock, Ont., sells marijuana-related items
such as pipes and bongs. Since then, Mr. MacLellan has
managed to secure an account with a local credit union, but he
says the process was not without headaches. The first credit union
he contacted gave him the "same rigmarole" as Scotiabank, he says.
In August, a fledgling medical marijuana producer said
it received a phone call from Scotiabank,
advising them that it will no longer be doing business with
cannabis-related companies. Scotiabank spokesman Rick Roth said in a prepared statement sent by e-mail that Scotiabank aims to "manage risks
soundly while making prudent business decisions," and that marijuana-related businesses are considered too risky.
© 2024 Canjex Publishing Ltd. All rights reserved.