Canadian Banks Sued For Financial Discrimination Against Actors In The Legal Cannabis Industry

Groupe SGF launched a class action lawsuit on behalf of 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.

Bélanger, 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 17th, 2018.

"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."

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Photo: Benzinga edit with photos by Matthias Zomer on Pexels and squarefrog on Pixabay