Cannabis retailers stung by big bank rejection
Cannabis retailers stung by big bank rejection
Nearly three years after Canada legalized cannabis, many retailers in B.C. claim they still struggle to find access to basic financial services from banks. Industry experts say international pressure and decades of stigma plague the fledgling industry.
More on this story: www.cbc.ca/1.6205932
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Credit unions are required to have a bank. This restriction should be removed. The banks have too many privileges.
they could always pull a switch and say they are a smoke shop instead of a cannabis store and omit certain details or go full business like and have a bare minimum explanation and a business name that doesn’t match their store for the bank and then they would qualify fir the loans many businesses have done that for years.
Why exactly does anyone “WANT” to belong to a big bank? Own big bank stocks. Don’t get ripped off by their services
It’s really just the US holding the banks back. Same issue there with the Safe banking act. Once it goes legal there they will change their tune.
All the B C black market dispensaries have bank accounts you can e transfer and use to make transactions. Seems like everything this government does is half assed!
Use your owe money…it is the worst thing anyone can do…
Making excuses…live with it…take responsibility for it…
It’s almost as if the liberal government rolled out a policy without considering the challenges associated with it. I’m shocked
It’s a bank account . Lmao
Very well. Is a DRUG. And 20 meters from any public place or apartment buildings. There are laws: secondary smoke or smell and if this affecting your normal life. Go for it. Is worth.
Start you own credit unions. Forget the banks. Customers will join you.
Even some municipalities opted out of having cannabis retailers in their towns most likely to avoid people smoking it in their towns. This is completely ridiculous as the next town over allows it and they can smoke it anyway! This is due to old fashioned Conservative thinking and it loses revenue for the area when it is most needed.
William Shatner is now officially an astronaut A great day for Canada – A great day for America – A great day for mankind.
Fascism should rightfully be called corporatism
Nothing to add to that, except… – Free Admission
@CBC News : You display text to tell viewers what’s said by various people speaking in this video and there’s a bit that strikes me as quite odd. At 2:12 or so, the man speaking, according to your text representation, says " _If you wanted to lined upper money, which is probably the key concern, you can do that through a florist, …_ ". What the heck is " _lined upper money_ ", might what the man be actually saying is is " _laundered_ ", rather than " _lined_ ", for the audio sounds like he said laundered? I’ve heard and read of laundering money for decades, but never have I heard or read of lining money. If laundering or laundered is what he said, then these bankers are rather hypocritical. I’m sure that plenty of wealthy or rich people in Canada launder without it having anything to do with cannabis ; and, maybe some of these bank chiefs also practice laundering. Maybe some people do it with respect to cannabis, but it surely would be little relative to the other means. And it isn’t for the banks to make the law, so they should comply with the govt’s law. I’m sure that they wouldn’t hesitate to help booze producing cies and booze is more dangerous or risky than cannabis could ever be in its natural form. I hope for success for these cannabis businesses that bank chiefs need to accept are legal and cease their hypocrisy, for I imagine that hypocrisy is involved, besides other likely ill characteristics.
Safe Deposit Box… Duh…
Just buy your weed online stop wasting time and money …. MOM 4 THE WIN
They’d rather deal with nice & reputable industries like strip clubs and casinos and tobacco companies.
Pass the chips
It’s because big Pharma is a massive client. And they pull their strings.
Doesn’t it now mean that they aren’t Canadian Banks anymore if other countries can dictate what happens here.
I only know of one person who buys cannabis from a store.
They are just too expensive.
Hahaha pot was a bubble before they even opened a store
Bars and restaurants are also high risk.
I’ve been trading in cannabis seeds here in the UK and it is an absolute nightmare to get the facilities to accept card payments, I’ve been trading locally for a decade and I still cannot find a good stable way to add the facilities to my website. If anyone has any advice for me in UK I’d love to hear and be grateful.
CBD is a little easier, but even my bongs, skins and grinders are as difficult as seeds! Banks don’t mind rubber fists and strap on willy’s and smut like that, PayPal accept gambling but for a little bong or a few seeds it’s a no go, strange narrow minded world we live in!!
Some rich dude should start a ‘Green for Green’ bank. 🏦
They are literally over selling the cannabis though and they still want more money.
She is a perambulating warning against the munchies.
Dem banks ain’t too bright.
So they don’t want assured repayment on loans?
Forget the big banks!! Go to other banks, make your own banks. The big 5 have too much powers and do not deserve your money. They suck!!
The USA’s big stick casts a giant shadow. I am glad that this story includes the unfair reach of the USA upon other sovereign nation’s business practices.
Try NOT being stoned and reeking of weed when you go in the bank 🙂
Are banks tied up with the Christian right ? What’s going on!?
That’s only B.C.
Once Big Banks see the profits involved they’ll be just like Republicans vying to get in on it.
Banking system stinks all the way. Uber driver is not recognized as a job when you need a loan. RBC gave me as interest on my savings account with them 13 Cents for 3000 $ last month. Canadian banking system stinks altogether not only for the canabis industry. Welcome to Canadian banking system 👎👎👎
What experts ? What stigma ? Common sense! Do you really need zillion Cannabis Stores at every intersection ?