A Canadian investment bank is quietly pursuing a critical regulatory approval that would solve one of the biggest pain points for the US marijuana industry

A man shows off his cannabis purchase outside the Quebec Cannabis Society store, on the day Canada legalizes recreational marijuana, in Montreal, Quebec, Canada.If approved, the move couldinto the US cannabis industry.

Canaccord Genuity, a mid-size Canadian investment bank, is seeking approval from the Financial Industry Regulatory Authority to act as a custodian for US investors, according to a source familiar with the matter. Canaccord has built up a lucrative practice advising cannabis companies in recent years. The bank has advised on $5.9 billion worth of cannabis deals since 2017 and has helped bring 64 cannabis companies public in Canada — amounting to $1.86 billion — over the same time period, according to data provider Dealogic.

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