BMO Expands Pot Financing With $150 Million Aurora Loan
- Bank of Montreal provides loan for marijuana expansion
- Canada’s No. 5 lender leads the big banks in cannabis finance
Photographer: Ben Nelms/Bloomberg
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Bank of Montreal is diving deeper into the cannabis industry, providing Aurora Cannabis Inc. with the largest loan yet to Canada’s fledgling sector, as legalization looms in October.
The bank will provide C$200 million ($150 million) in debt financing, marking its position as the most aggressive of Canada’s biggest banks in the cannabis industry. In May, the lender advised Aurora Cannabis on its C$2.9 billion all-stock bid to buy MedReleaf Corp., and helped arrange a stock sale by Canopy Growth Corp. in January.