It appears as though Canadian banks missed the memo on cannabis legalization in 2018. Numerous cannabis-based businesses have expressed difficulty applying for and maintaining bank accounts despite having the proper credentials.
A poll on Twitter spurred numerous DMs from retail stores, license holders, and ancillary businesses (that don’t actually handle the plant itself) sharing stories of above average fees, lengthy application processes, and an increasing industry reliance on credit unions.
The first barrier businesses face is simply getting through the metaphorical front door.
“Ideally we would be able to be with a big bank with easy access, multiple locations, and national branches,” says Jeremy Jacob, CEO at Village Bloomery a cannabis retail business in British Columbia. This is how Jacob describes his wishlist for an ideal banking situation – a seemingly reasonable criteria.
Read more at stratcann.com