The Big Banks Are Starting to Look Hard at Marijuana
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The subscription service is currently unavailable. Please try again later.But so far, there isn’t much in the way of investment opportunities.
Earlier this month Bank of America Merrill Lynch put out a research report on the marijuana industry’s prospects. Touted as the first such assessment by a major financial institution, the report is a milestone in a fast-growing sector that is hungry for mainstream recognition and the money that comes with it. But a close reading of the report makes clear that marijuana has a long way to go before it resembles a normal American industry.
Twenty-three states currently allow some form of legal marijuana and voters in four states and Washington, D.C., have voted to allow recreational use. Next election day, California and between five and 10 other states are likely to vote on recreational legalization.
In 2014, legal marijuana was the fastest growing industry in the country, grossing $2.7 billion and all signs indicate that it will...
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