The burgeoning legal cannabis industry has seen a surge in IPOs and dealmaking. But financial advisers at some of the largest US wealth managers haven't been permitted to allow their clients to buy and sell cannabis stocks — until recently.
| | | | The burgeoning legal cannabis industry has seen a surge in IPOs and dealmaking. But financial advisers at some of the largest US wealth managers haven't been permitted to allow their clients to buy and sell cannabis stocks — until recently.
Business Insider has learned that some of the biggest wealth management firms in the US — including Morgan Stanley, Bank of America, and Wells Fargo — have set up processes to allow financial advisers to invest on clients' behalf in certain Canadian cannabis stocks.
In some cases, advisers at different firms can't make the investment unless clients ask first. In others, advisers must get the firm's pre-approval to make such a recommendation, and a decision is made on a case-by-case basis.
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