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  • Post Time Posted October 15, 2018
Canada’s largest financial co-operative has softened its stance on doing business with the cannabis industry and will now accommodate clients who wish to participate. 

“We have decided that we will support their needs if they want to go in this market right now,” said Guy Cormier, president and chief executive officer of Montreal-based Desjardins Group. “Do we want to invest in this market? Do we want to be a leader in this market? Totally, no. But we will be there to do business with members and clients that we know very well.”

Cormier said Desjardins is already supporting some “players” in the industry and would not rule out helping them finance operations in the capital markets. 

The cannabis industry has struggled to gain the support of Canada’s major financial institutions, especially the smaller players, as it is still federally illegal in the United States where many of them also hold operations. 

Source: https://business.financialpost.com/cannabis/desjardins-softens-stance-on-cannabis-industry-after-initially-closing-door

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