Big banks are suddenly looking hard at the weed industry

marijuana CaliforniaREUTERS/Kimberly WhiteYoung men smoke from a vapor pipe (L) and a water pipe at the The Wonders of Cannabis Festival in San Francisco, California.

Earlier this month Bank of America Merrill Lynch put out a research report on the marijuana industry’s prospects. Touted as the first such assessment by a major financial institution, the report is a milestone in a fast-growing sector that is hungry for mainstream recognition and the money that comes with it. But a close reading of the report makes clear that marijuana has a…

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