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How BNY Mellon is taking marijuana investing mainstream

Patty Tascarella
How BNY Mellon is taking marijuana investing mainstream

Now that the nation’s largest custodial bank is backing a marijuana exchange-traded fund, the trickle-down implications are huge, local money managers say. BNY Mellon is serving as custodian, administrator and transfer agent for AdvisorShares Pure Cannabis ETF. Major financial institutions in the U.S. are struggling to balance the demand of institutional and mom-and-pop investors alike while federal laws still categorize cannabis as an illegal drug.