Although the sale of marijuana is a federal crime, the number of U.S. banks working with pot businesses, now sanctioned in many states, is growing, up 45% in the last year alone.
“We’ve been criticized for allowing the holding to grow so large, but our feeling before the crisis erupted was that Valeant was executing well on its business model.”
Crowds counted down the minutes to midnight then lit up joints as smoking marijuana became legal in Oregon on Wednesday and the legalization movement spread to a fourth U.S. state.
While regulators warn of scams, some of the biggest percentage gains in the stock market this year are being enjoyed by investors speculating on marijuana penny stocks.
