A local private cannabis retailer is now dealing with cash only after being told his business is too “high risk” for the banks.

Thomas Clarke says no banks in the St. John’s area are willing to take him on after his own bank informed him they are dropping him as a client.

Clarke says he’s been given a variety of reasons as to why he can’t find a bank.

Some of them tell him they’re not taking on any more cannabis clients, while others say because they’re tied up with the American banking system they can’t deal with cannabis retailers. He doesn’t understand why what he calls American “stigma” on cannabis should prevent him from getting a bank account.

In the meantime, Clarke says not getting a bank account is going to have an impact on his business not to mention added security concerns.

He says in places like California and Colorado, dispensaries are cash only and they have big safes and lots of security. He worries about the safety of his family and staff if he can’t deposit money into an account, and whether NLC will allow him to keep his licence if he doesn’t have an account.