There have been a lot of rumblings about big money showing interest in the green rush sweeping the nation.
Legal profits could attract deep pockets.
But, until now, most of the rumblings have been that — just rumors.
Someone recently leaked a 45-page equity report from investment firm Merrill Lynch to the Philadelphia Inquirer.
The report featured basic background on cannabis products such as CBD and it offered a primer on laws in states where weed enjoys some level of legal status.
It also outlined “tantalizing information about publicly traded companies already operating in the sphere,” the Inquirer reported.
“The Merrill Lynch report did not in any way touch upon investing in any company that was directly in the business of growing, processing or selling marijuana products for medical or personal use under state laws,” the paper says. “However, they did note that the cannabis market could be more than $7 billion annually already and could grow exponentially if legalization happened nationwide.”
Once facet of the marijuana business that showed a lot of promise was product testing, where manufacturers could determine the amount of THC content in their offerings.
Merrill Lynch, part of Bank of America, was “bullish” on this segment, according to the report.
Bank of America, meanwhile, continues to refuse accounts to legit marijuana businesses.