Cannabis and U.S. Financial Services: The Investor and Capital Markets Landscape

The U.S. regulatory situation regarding cannabis has resulted in major U.S. firms effectively ceding business to Canada.

Boston, November 13, 2019 –The U.S. is losing capital markets cannabis business to Canada. The lack of a clear U.S. regulatory framework for cannabis impacts retail investor product access, broker-dealer custody and clearing, corporate banking, underwriting, and asset management. Is the ongoing regulatory progress enough to allow U.S. financial institutions to conduct cannabis-related capital markets activity?

This report is the second of two addressing how the cannabis industry will impact financial institutions and the wealth management business. The first report covered aspects of the regulatory environment, politics, taxes, jobs, and broad industry normalization. This report addresses the current and future impact on wealth management, investor and advisor interest, participating institutions, and the capital markets. The analysis in this report leverages interviews with U.S. industry incumbents conducted in the third quarter of 2019.

This 48-page Impact Report contains 16 figures and seven tables. Clients of Aite Group’s Wealth Management service can download this report, the corresponding charts, and the Executive Impact Deck.

This report mentions 48North, Acreage Holdings, AdvisorShares, Alliance Bernstein, Alliance Global Partners, Alternative Harvest ETF, Apex Clearing, Aphria, Aurora Cannabis, AXA, Bank of America Merrill Lynch, Bank of New York Mellon, BMO Capital Markets, Brown Brothers Harriman, Bryan Garnier & Co, Cambria Cannabis ETF, Canaccord Genuity, CannTrust, Canopy Boulder, Canopy Growth, Cetera, CIBC World Markets, Commonwealth Financial, Constellation Brands, Consumer Edge Research, Cormark Securities, Cowen and Company, Cresco Labs, Cronos Group, Curaleaf Holdings, DavisPolk, Deutsche Bank, Eight Capital, FocusGrowth Advisors, GMP Securities, Goldman Sachs, GRA Capital Holdings, Green Growth Brands, Green Thumb Industries, Grow Op Farms, GW Pharmaceuticals, Harvest Health & Recreation, Hemper, Hexo, iAnthus Capital Holdings, Innovation Shares, Jefferies, JPMorgan, Ladenburg Thalmann & Co., LPL Financial, MassMutual, MedMen Enterprises, Melius Research LLC, MJ Freeway, Morgan Stanley, Navy Capital, NuLeaf Naturals, Oppenheimer & Co., PI Financial, Piper Jaffray, Quill, RBC, Robinhood, Scotia Capital, Seaport Global, Seymour Asset Management, Silver Spike Capital, Stifel Nicolaus, TD Ameritrade, The Arcview Group, The Benchmark Company, UBS, Viridian Capital Advisors, Voya Financial, Wedbush Securities, and Welcan Capital.

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