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A Canadian investment bank is quietly pursuing a critical regulatory approval that would solve one of the biggest pain points for the US marijuana industry

“One of the biggest pain points preventing multibillion-dollar institutions from investing in the US cannabis industry may soon be solved” writes Jeremy Berke for For comparison, the cigarette industry in the US is worth roughly $80 billion, according to the investment bank Cowen.Canaccord Genuity, a mid-size Canadian investment bank, is seeking approval from the Financial Industry Regulatory Authority (FINRA) to act as a custodian for US investors, according to a source familiar with the matter.Because cannabis is federally illegal in the US, the government could, in theory, prosecute banks that work with US cannabis companies under federal money laundering laws.

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