Cannabis has been legal for almost 3 years yet retailers say they're being shut out by banks
CBC
As the third anniversary of Canada's legalization of cannabis approaches, retailers say they continue to struggle to find access to basic financial services from banks.
Industry experts say decades of stigma, as well as international pressure, continue to plague the fledgling industry, forcing shop owners to dig into their savings to open their small businesses and limiting the sector's growth.
Charles Varabioff, owner of Kingsway Cannabis, says finding a bank to take on his business account was next to impossible.
"I tried every single one of them. And every one [of the banks] was 'no, no, no, no, no,'" he said.
Branch managers, he says, would tell him the cannabis industry is too high-risk.
"High-risk? It's no more high-risk than a casino, a bar, or a restaurant," said Varabioff, who also owns a shop in Grand Forks, Alberta.
"We're legal, licensed, regulated by the city and the government. Canadian banking needs to get on board with this industry."
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