Chuck Rich has been quoted in the article “Canada’s Largest Banks are Writing Large Checks to Support Pot Companies, Betting Weed can Mean Big Business,” published by Business Insider.
Writes Jeremy Berke, “Canada’s biggest banks are jumping into the marijuana business. The Bank of Montreal and the Canadian Imperial Bank of Commerce provided an $80 million loan this week to PharmHouse Inc., a joint venture owned in part by Canopy Rivers, the venture investment arm of publicly traded Canadian marijuana cultivator Canopy Growth. The deal marks the largest debt financing provided by top banks to a private marijuana company.”
“With two of the five country’s biggest banks lending to the cannabis sector, the PharmHouse deal signals that the others aren’t far behind,” said Chuck. “Canada’s big banks are open for business.”
Cassels Brock advised PharmHouse Inc. in connection with this matter.