FYI: The whiff of pot on Wall Street is unmistakable, but banks, wary of federal regulators, won’t touch the stuff.
Temptation was easy for banks to resist when following the letter of federal law simply meant refusing business from pot dispensaries with safes overflowing with cash. Now that tens of millions of North Americans can consume marijuana legally, with many more on the way, the rest of corporate America has left its financial institutions behind.
Marlboro cigarette maker Altria last month announced a $1.8 billion investment in a grower following an almost $4 billion bet by Corona brewer Constellation Brands in August. Executives at Coca-Cola and Pepsi have said publicly they are closely watching how the business develops.
Regards,
Ted
https://www.wsj.com/articles/weed-versus-greed-on-wall-street-11548412203
