Re:Big money Big opportunity
Big money. Big opportunity
"""But banks could be missing out on a bonanza""". The marijuana industry is expected to grow substantially in the next five years, with sales in the United States expected to hit $23.4 billion by 2022, according to cannabis market research group Arcview. Canadian sales are expected to hit $5.5 billion.
The size of the sector could eventually entice major banks to get in the game for fear of missing out on lucrative fees or lending agreements, or cash from deposits.
"It's not a question of 'if,' but a question of 'when,'" said Daniel Yi, a spokesman at MedMen (
MMNFF), a chain of marijuana dispensaries based in Los Angeles.
Still, most of the largest banks remain on the sidelines for now — even in Canada, where banks have to worry about potential compliance issues abroad. TD Bank (
TD), the Royal Bank of Canada (
RY) and Bank of Montreal (
BMO), all of which have an international presence, declined to comment for this story.
"It hasn't, at this point, seemed to create a change in practice," said Seth Goldberg, an attorney at Duane Morris who advises clients in the cannabis industry.
Lets see what happens .looking good store very busy here in Bathurst NB