Merrill Lynch To Begin Accepting Cannabis Clients
Merrill Lynch To Begin Accepting Cannabis Clients
Banking

Merrill Lynch To Begin Accepting Cannabis Clients

Merrill Lynch To Begin Accepting Cannabis Clients
Banking

Merrill Lynch To Begin Accepting Cannabis Clients

Author James Eason
Published Sep 07, 2021
SPRED IT

The ongoing federal ban on marijuana makes financing, banking, and investing difficult. Merrill Lynch sees investment potential and will be relaxing its approach to accepting clients with marijuana-related businesses.

An internal report from Merrill Lynch estimates that medical marijuana is currently a $2.9 billion industry which could double as more states legalize cannabis. The report describes their plans for “streamlining” and adding “flexibility” to onboarding clients

“In our view, scientific, clinical and anecdotal evidence support medicinal cannabis while recent media attention has contributed to public awareness,” the report states. Merrill said it’s “bullish on the cannabis testing market,” particularly developing new equipment for testing quality and potency.

Even so-called lower-risk clients could be approved without an executive’s consent. “The policy change provides flexibility for clients who have a small part of their overall net worth connected to marijuana-related businesses,” according to the report.

Merrill is a subsidiary of Bank of America.

SPRED IT
Join The Conversation
{
0 comments
}

*All comments are moderated before being published


TAGS
Bank of america
Banking & finance
Breaking news
Business
Marijuana companies
Merrill lynch
Top Articles
Explore More >
Explore More >