23:18:39 EDT Mon 29 Apr 2024
Enter Symbol
or Name
USA
CA



Bank of Nova Scotia
Symbol BNS
Shares Issued 1,204,829,080
Close 2016-09-09 C$ 69.76
Market Cap C$ 84,048,876,621
Recent Sedar Documents

Globe/CP say Scotiabank, RBC back away from pot players

2016-09-12 08:15 ET - In the News

Also In the News (C-RY) Royal Bank of Canada

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.

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