Canadian Banks Still Risk-Averse Despite Legal Clarity On Marijuana

Canada’s risk-averse banking sector has meant payment providers eyeing Canada’s multi-billion dollar marijuana industry are still struggling to gain a foothold in the market, despite federal legalization.

The country’s nascent market for legal recreational marijuana is projected to help drive US$5.5bn in sales by 2022, according to cannabis research specialist The Arcview Group. However, despite the predicted growth, it could take some time for Canada's major banks to develop a tolerance for serving businesses in the sector.

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