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Bank Chokes Off Trading in U.S. Marijuana Stocks

TheMotleyFool

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Bank Chokes Off Trading in U.S. Marijuana StocksPhoto, wide shot, wide-angle lens, Bank, sunset photo at golden hour, photo by Art Wolfe: https://img.theapi.app/temp/3aa597ca-f944-4a9b-bf8d-3071f3b5a5c9.png

In a stark reminder that marijuana is still illegal at the federal level in the U.S., one notable specialist bank is effectively refusing to trade or hold domestic cannabis stocks.

The financier in question is Bank of New York Mellon (NYSE: BK), which according to a report from BNN Bloomberg has updated its cannabis securities policy to incorporate the stricter new guidelines.

BNN Bloomberg said it obtained a note on the changes intended for clients. In this, the bank apparently conveyed that it would "no longer accept incoming positions, or trading of non-permitted cannabis-related securities." The revised policy takes effect on Nov. 30.

Source Fool.com

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