According to Reuters, which cited a cannabis executive and other industry sources, Credit Suisse and several other major banks have pulled back their custodian support for clients that buy and sell cannabis-related stocks.
With the cannabis industry booming over the past several years, custodian services such as the ones previously provided by Credit Suisse have helped clients hold shares in cannabis companies.
Recently, the bank was caught in the midst of the Archegos collapse, which resulted in over $10 billion worth of losses for a number of major banks, including Credit Suisse, which lost at least $4.7 billion.
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