Two of Canada’s Big Banks Back Away From Marijuana Industry

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Two of Canada's Big Banks Back Away From Marijuana Industry

WikiMedia Commons / Peter Morgan / Creative Commons Attribution 2.0 Generic License

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.

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