The legal cannabis industry unites in a class action against major Canadian banks
by CM staff
The main allegations involve denials of opening bank accounts, sudden closures of current bank accounts, and denials of access to various financial tools such as mortgage loans and credit lines for legal cannabis industry businesses.
QUEBEC — Groupe SGF (Cannabis Legal Advisors and Consultants) announces a class action lawsuit on behalf of Mr. Gabriel Bélanger (Founder of Origami Extraction Inc.) against the Desjardins Federation, National Bank, Royal Bank, Bank of Montreal, TD Bank, and CIBC. The lawsuit alleges that the named banks have engaged in financial discrimination against actors in the legal cannabis industry in Canada.
“For far too long, Canadian banks have treated the cannabis industry like pariahs, as if it was still completely illegal. By doing so, they are depriving the Canadian, but especially the local economy of developing a promising market,” said Me Maxime Guérin, Lawyer, Groupe SGF – Cannabis Legal Advisors and Consultants.
The plaintiff, Gabriel Bélanger, announced that he is determined to expose to the Superior Court all he has suffered as an actor of the legal cannabis industry in relation with the defendants. The main allegations involve denials of opening bank accounts, sudden closures of current bank accounts, and denials of access to various financial tools such as mortgage loans and credit lines for legal cannabis industry businesses.
The class action includes all individuals or corporations that, directly or indirectly, do business with the major defendant banks and who are involved in the legal cannabis industry since October 17, 2018.
