Bank of Montreal and Toronto-Dominion Lead Peers in Pot Accounts
- Alterna first among credit unions as recreational use looms
- RBC is reviewing its policies after shunning the industry
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Bank of Montreal and Toronto-Dominion Bank are emerging as the banks of choice for Canada’s burgeoning marijuana industry, even as some lenders shun the sector.
With less than a year to go before Canada plans to legalize recreational pot in July, and 16 years after making it legal for medical use, Bank of Montreal and Toronto-Dominion are providing business accounts to at least 21 cannabis companies, according to interviews with 45 firms tied to the drug. Alterna Savings and Credit Union Ltd. is top among co-operative lenders.