Legal marijuana sellers also face higher rates to process debit transactions.
KushCo Holdings, a company that sells packaging and supplies to the cannabis industry, would love to borrow money from a real bank.
Bank of Montreal is emerging as the most aggressive of Canada’s big banks in the cannabis industry.
It’s the second deal BMO Nesbitt Burns has underwritten in the volatile marijuana sector.
The Twin City Bank in Longview, Washington has been serving cannabis dispensaries and other marijuana-related business since recreational dispensaries opened there in 2014.
California cannabis entrepreneurs will earn $5.2B in revenue in 2018 as recreational use becomes legal there.
The marijuana industry is picking up as legalization sweeps the country, but there are still some wrinkles to be ironed out.
Business clients with Scotiabank, Royal Bank scramble to find other financial institutions.
The marijuana industry faces a huge problem: Few banks will touch cannabis cash.
The Senate Appropriations Committee voted on Thursday to allow banks to provide financial services to legal recreational and medical marijuana dispensaries, according to The Denver Post.