Whether you’re a late-stage license applicant or a REC retailer, it’s getting even harder to find a bank willing to support cannabis companies—particularly smaller companies.
- RBC was criticized in October for closing the accounts of legal REC businesses. TD and BMO are rumoured to be making similar moves. Scotiabank and CIBC each said they evaluate companies to whom they loan “on a case-by-case basis.”
CBC Newfoundland and Labrador, Twitter—Lisa Campbell, BonBon7676
- Analysts said this much was inevitable: LPs have struggled for profitability and banks don’t want to invest in unprofitable companies.
Twitter—GoBlueCDN, Matt Maurer
- Insiders suggest cannabiz people consider credit unions.
- Under creditor protection, LP AgMedica Bioscience announced a Sale and Investment Solicitation Process (SISP) to solicit interest in restructuring or refinancing the business, sales of assets, or sales of the business.