The Ongoing Struggle to Find a Financial Institution
May 20, 2020
Author: Lisa Tacha
Before legalization, the cannabis market did its business discreetly. In those days, it was cash-only, with money and product changing hands in shadows behind closed doors. How times have changed!
Cannabis legalization meant the business had to get sophisticated. After a retailer goes through the rigorous process of earning a cannabis licence, there are business accounts to open, transactions to manage, and staff to pay. And this is where many retailers hit a road block. Despite how cannabis has been legalized in Canada for well over a year now, cannabis retailers still struggle to find financial institutions willing to do business with them.