Two of Canada’s big five banks backing away from marijuana industry
TORONTO — Scotiabank and the Royal Bank of Canada say they aren’t providing accounts to companies associated with the marijuana industry, leaving some business owners scrambling to find alternate arrangements.
After a decade-long relationship with Scotiabank (TSX:BNS), Hemp Country owner Nathan MacLellan says he 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 but no actual cannabis, MacLellan says.
“It’s kind of insulting really, especially when legalization is right on the horizon,” he says.