Vancouver-based Community Savings has provided more than $20 million in loans to licensed businesses in Canada’s legal cannabis sector, CEO Mike Schilling told BIV yesterday.
His credit union also recently passed the $5-million threshold in money provided through a factoring program that enables cannabis ventures to get paid by governments faster, he added.
Few financial institutions provide loans to Canadian cannabis companies despite the federal government making cannabis legal for adult use nearly six years ago.
B.C.’s largest credit union, Vancity, does not provide those loans, a representative told BIV yesterday. Big banks do not provide those loans either.
Groupe SGF last year launched a class-action lawsuit against Desjardins Federation, National Bank,
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