Re: “Pot stores find banks saying no to their business,” Feb. 19.
I was shocked to learn of the problems faced by local pot dispensaries attempting to open legitimate business accounts with the big banks and credit unions. This move seems unwarranted and just a tad hypocritical, given the amount of “depositors’ money” the big Canadian banks have invested and continue to invest in the newly legal Canadian marijuana industry.
This week, Quebec producer Hexo has entered into a syndicated credit facility co-led by CIBC and Bank of Montreal with the proceeds to go toward expansion of its cultivation and production facility in Gatineau, as well as leasehold improvements at its Belleville, Ont., facility.
But a local dispensary cannot open a simple business account at the local big bank or credit union. Apparently, they cannot process or handle this type of business account. Gosh, did I miss something about the legalization scheme?
Poor job on the part of the big financial institutions. Hypocrites or what?
Glenn Smith
Victoria
