Cowen analyst Vivien Azur is dropping coverage of seven cannabis stocks as part of the $1.3 billion acquisition of the investment bank by Canadian financial-services conglomerate Toronto-Dominion Bank.
The move stems from TD’s TD cautious approach to U.S. cannabis following the failure of the SAFE Banking measure in Congress last year. It doesn’t make sense that Congress has taken no action on SAFE Banking given that 400,000 Americans now work in a legal business in the cannabis industry, which currently generates nearly $30 billion in sales, Kovler said.
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