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New York Mellon Bank Shuts Down Marijuana Stock Purchasing

Becky Oberg

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New York Mellon Bank Shuts Down Marijuana Stock Purchasing
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An investment bank in the US has cautioned investors that it is going to stop allowing the sale of marijuana corporations operating in the US. The New York Melon bank also released a statement stating that any arriving positions as well as cannabis trading taking place in the US market will be stopped.

This new authorization applies only to firms with marijuana resources in the country. The financial institution said that Canadian firms operating without American operations and distribution do not infringe on the act of federal Controlled Substances.

Marijuana sales are booming and has grown three times more than the last four years. The bank said that with time and development, it would consider reviews that were “subject to an order, transaction, or incoming transfer to ensure compliance due to federal laws and regulations”. BNY suggested that the ban of trading marijuana stocks is associated with the drugs federal illicit in the US. Cannabis, however, retains its position as a Schedule I drug, federally. This is despite the programs for legalization observed at the state level.

Currently, 11 regions, as well as the Columbia District, have legalized marijuana, for medical and recreational practice. Further, 22 states sanction the use of drugs in products of medical cannabis.

In September, US cannabis commerce received reassurance while the approval from the House of Representatives came through in accordance with Act of Secure and Fair Enforcement, or SAFE, Banking in 2019. The bill attempts to protect banks as well as other financial organizations that give banking assistance to cannabis and hemp firms in the US.

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