Cannabis in Canada: Big Banks Are Missing a Boom
KushCo Holdings, a company that sells packaging and supplies to the cannabis industry, would love to borrow money from a real bank.
CEO Nick Kovacevich wants to secure up to $30 million in revolving credit, so he can hire more employees and build new warehouses.
But a line of credit or loan of that size isn’t an option because traditional banks are not willing to lend to marijuana businesses.
Even though Canada legalized recreational marijuana and opened the door to a flurry of business activity, big banks in the United States and Canada are keeping the industry at arm’s length because of pot’s muddy legal picture in the United States.
– Read the entire article at CNN News.