05:22:59 EDT Fri 29 Mar 2024
Enter Symbol
or Name
USA
CA



Aurora Cannabis Inc
Symbol ACB
Shares Issued 1,013,134,389
Close 2019-04-09 C$ 11.72
Market Cap C$ 11,873,935,039
Recent Sedar Documents

FP/CP say U.S. banking restricted for Cresco, rivals

2019-04-09 07:01 ET - In the News

See In the News (C-CL) Cresco Labs Inc

The Financial Post reports in its Tuesday edition that the United States pot industry has been restricted in its ability to access banking services because of federal prohibition. A Bloomberg dispatch to the Post reports that chief executive officers at Toronto-Dominion Bank and Bank of Montreal say they too will steer clear of the sector until new laws are passed. It is indicative of the limitations facing American pot companies even as their market values surge and they engage in large-scale merger and acquisitions like Cresco Labs' $820-million (U.S.) deal last week to acquire Origin House. With the reintroduction of the STATES Act on April 4, there are now two key pieces of legislation that could make it easier to run a weed business in the U.S. The STATES Act would exempt the Controlled Substances Act from applying to states that have legalized pot, freeing the industry from the threat of federal prosecution. If passed, many believe this would open stock exchanges and banks to work with the sector. Cowen analyst Jaret Seiberg doubts the STATES Act will be enough to convince banks to service legal cannabis companies. He is more optimistic "on narrower bills like the SAFE Act on cannabis banking."

© 2024 Canjex Publishing Ltd. All rights reserved.