Two Canadian Banks Say No to Marijuana-Related Accounts

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Two of Canada’s biggest banks – Scotiabank and the Royal Bank of Canada – say they aren’t providing accounts to plant-touching or ancillary marijuana businesses, forcing some owners to find new financial institutions that will take their money.

Nathan MacLellan, the owner of Hemp County in Woodstock, Ontario, a store that sells accessories including pipes and bongs but not actual cannabis, received a letter from Scotiabank late last month telling him his account was being cancelled, according to the Canadian Press. MacLellan had had an account with Scotiabank for about 10 years.

The Canadian Press also reported that in

Two Canadian Banks Say No to Marijuana-Related Accounts is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

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