December 12, 2009
Thought I'd share the above direct video link to an interview that Alterna Bank and Alterna Savings President & CEO Rob Paterson gave to BNN Bloomberg earlier today from, interestingly, my hometown of Kelowna, B.C. (No idea what he was doing in Kelowna.)
It deals with primarily Alterna Savings being the leading, if not the exclusive, retail banking services provider Canadian legal retail and wholesale cannabis sales and cultivation companies by providing said companies with the working capital (namely in the form of authorized credit facilities and $50,000 standby letters of credit) that the Big 5 and even some of the smaller Canadian banks like HSBC and Manulife Bank won't provide. Mr. Paterson speaks of how the Big 5 investment banks have no problems with providing investment banking services for IPOs, M&A, and the like, but in terms of core branch banking services, they're just not there, so Alterna is busy scooping up such clients, banking companies like Canopy Growth, Aphria, Aurora, CannTrust, and the like.
I'll tweet to him and see if he replies to let me know what he was doing in Kelowna!
March 17, 2018
I'm sure he's helping them for altruistic reasons, not the money 🙂
This is a good example why it's not a good idea to give your money past the CDIC or credit union guarantee limit since we usually have no idea where our money is going to. These marijuana companies are not even making money at this point, besides one of them, although I anticipate they will in future.