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Home 🌿 Marijuana Business News 🌿 Canadian bankers still view marijuana businesses with caution 🌿Canadian bankers still view marijuana businesses with caution
On the cusp of receiving a coveted new licence to grow medical marijuana, Dan LaFlamme went looking for a bank to represent his family-owned business and encountered the kind of rejection those in the burgeoning industry have gotten used to.
Two of them turned Canna Farms away before a third finally agreed. It was early 2014 and the company, based in Hope, B.C., had secured the fifth licence from Health Canada to produce medical cannabis for its new commercial mail-order system.
“I think it was just so new, [the banks] didn’t know [it was legal],” Mr. LaFlamme said.
For those seeking lawful ways to profit from marijuana, it only takes one uncomfortable bank employee to quash access to the financial tools essential to running a successful business, such as a chequing account for payroll and e-transfers for online ordering, according to James Poelzer, chief operating officer of aspiring licensee Agrima...
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