The first private cannabis store is open in Kamloops, and it was with no help from major banks in Canada.

Owner Chris Lyth says he’d approached a lot of them in Kamloops, hoping to open up a business account.

“TD Bank they were adamant that they were not going to allow me to open up a business account,” Lyth said.

“The Bank of Montreal wanted to charge me $3,000 to apply for an account and if they did give me an account, they would charge me an annual $1,600 fee to relook at the account each year.”

Lyth eventually found a credit union willing to help him.

He adds it’s disheartening that the banks seemed to be against working with a legal Canadian cannabis business, fearing for their US investments.

Lyth said he was not looking for loans from the bank, and he did not want to be a cash-only business.

“It was my number one focus for the last two months before I found this account in my search for a financial institution that was willing to work with us,” he added.

“Fortunately, we did find somebody and they welcomed us with open arms and we’re very happy about it.”

Lyth is crying foul claiming that the banks seem to be open to working with the government cannabis stores.