Research analyst derik de bruin who has been at bank of america merrill lynch as its lead analyst for the life sciences tools and diagnostics sector since 2011 following. One of the biggest issues currently facing the cannabis industry is the lack of legal access to banking.
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By 2015 4front had been operating in the medical marijuana industry in arizona illinois nevada and california according to a document filed in massachusetts.
Bank of america predicts up swing in the cannabis industry. Conducted by mrb monitor a firm that helps financial institutions identify the risks associated with the marijuana industry the study examined public records in the state of massachusetts and found that 34 percent of businesses that filed to operate medical marijuana dispensaries in massachusetts between june 2015 and september 2016 had one or more accounts at bank of america citigroup wells fargo or jpmorgan chase. Legalized pot revenues are ok b of a tells washington state that it will accept state revenues derived from recreational marijuana sales. This will head down the path towards more competition for shelf space.
Accounting for 34 of the total addressable global cannabis market. Bank of america merrill lynch based in charlotte north carolina estimated a global 166 billion industry is emerging from the shadows with the us. Early on in december bank of america merrill lynch released a research report projecting the future of the cannabis industry.
It was a significant move for the financial industry and the cannabis industry when bank of america merrill lynch baml released a 62 page report entitled a cannabis world and more people are living in it the opening line cannabis has been vilified. However if canopy growths ceo bruce linton is to be believed that issue may be rectified as early as january of 2019 when according to him canna businesses will be able to begin to bank legally. Europe follows at 25 with asia 21 africa 9 latin america 6 and oceania 2.
Meanwhile bank of america merrill lynch estimated that the canadian cannabis inventory will outpace domestic consumption by the year 2021 at which point they predict the market will become more mature. As of may 2015 4front ventures had 18 million in a bank of america business checking account according to the document. Cannabis prohibition has been in place for 80 plus years but the tides are clearly turning an analyst for bloomberg said.
This is one of the first research reports from a major financial institution so a milestone has been reached in one of the fastest growing industries that is seeking more recognition and the profits that come along with that recognition. Merrill lynch bank of americas investment banking arm did a similar analysis last year. The cannabis industry is currently valued at 6 billion according to the same report.
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