Marijuana future

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Thursday we took an exclusive visit inside Flamborough’s Green Relief, one of just 30 licensed medical marijuana producers in Canada and with pot legalization on the horizon, according to founder Warren Bravo, making pot legal doesn’t mean it’s clear sailing for businesses like his.

It took Warren Bravo and his business partners three years to obtain their licence to produce medical marijuana from Health Canada. In that time, he’s done tons of research on the plant and it’s effects but says even when legalized, more research has to be done to increase it’s acceptance by the masses including Canada’s banks.

“We’ve been told to leave our banking institution I think all of us in this industry, I think all of us producers in this industry are having problems with the banking institutions we’re dealing with.”

A spokesperson for Royal Bank, who just dumped Green Relief as a client, told CHCH that their decision to step away from the industry was based on:
“Nature of their business, their financial position and credit worthiness as well as other factors relevant to their specific business.”

Scotiabank is the other institution to cut ties with the marijuana industry. Scotiabank says their decision isn’t set in stone and are plan to continue to monitor the industry. Bravo says his team is working to find another bank to work with. Canada Trust, Bank of Montreal and CIBC have not yet made any announcements in regards to their relationship with those in the pot business.