JPMorgan to restrict trading of some U.S. cannabis stocks

Reuters2021-11-03

Nov 2 (Reuters) - JPMorgan Chase & Co(JPM.N)has told prime brokerage clients it will no longer let them buy certain U.S. cannabis-related securities beginning Nov. 8, according to a letter seen by ...

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Morgan (JPMS) has introduced a framework that is designed to comply with U.S. money laundering laws and regulations by restricting certain activities in the securities of U.S. Marijuana Related Businesses,\" the bank wrote to clients.\nAs of Nov. 8, the bank will not allow new purchases or short positions in the related businesses, but clients with existing positions will be allowed to liquidate them, it said.\nThe restrictions apply to companies with U.S. operations that are not listed on the Nasdaq, the New York Stock Exchange or the Toronto Stock Exchange and have a \"direct nexus to marijuana-related activities.\"\nNasdaq and NYSE allow certain cannabis-related companies -- including Canadian companies that do not sell cannabis in the United States - to list their shares, but will not list companies involved in the direct cultivation or sales of the marijuana plant.\nHowever, such companies have still found workarounds to trade on over-the-counter exchanges.\nCowen and Co, another 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