Citigroup in recent weeks has reviewed its position on banking marijuana companies or transactions, as large competitors find ways to take advantage of the industry's rapid growth, according to people with knowledge of the matter.
A second meeting involving more junior employees considered the reputational issues associated with banking companies in an industry that's still illegal in the US at the federal level, according to a second person. That review is similar to one done over its involvement in the Dakota Access Pipeline, an oil pipeline routed through Native American lands that sparked months of protest.
Citigroup has held talks in recent weeks about how closely it should work with cannabis companies or clients in other industries who want a loan to invest in the marijuana market, according to people with knowledge of the talks. The executives had seen competitors participating around the edges of the industry, such as by financing purchases of stakes in cannabis companies, and wanted to be proactive in considering how they'd respond if a client came to them with a similar request, one of the people said.Check out our exclusive list of the top 12 venture capital firms making deals in the booming marijuana industry
Why don't they just consult the Five Families in New York, and cartel head Guzman who they have in The Slammer
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