Business Insider reports the biggest banks on Wall Street, including Credit Suisse, Citigroup, JPMorgan and Goldman Sachs are dipping their toes in the water by assisting on cannabis related deals and IPOs. The fees thus far are relatively modest, but the banks want to build relationships in the industry before federal legalization.
- None of the banks commented for the story.
- BNY Mellon said it would stop clearing many cannabis-related stock trades.
- A survey of Goldman Sachs interns found 85% want MED legalized and 48% think REC should be legal.
Meanwhile in Washington D.C.: Senate Banking Committee Chair Mike Crapo (R-Id.), whose support is essential for a cannabis banking bill to pass the upper chamber, outlined his priorities: 1) Health and safety; 2) Money laundering prevention; and 3)”The interstate banking application.” (Whatever that is.)