"While the removal from the blacklist has gone without much notice, we do think that this is a big deal," said TerrAscend executive chair Jason Wild.
Morgan Stanley and Bank of New York Mellon have lifted a ban on providing custody services for the Toronto Stock Exchange listing of TerrAscend, a move that will make it easier for institutions to buy and sell the cannabis company’s stock, TerrAscend said.
Morgan Stanley MS and BNY Mellon BK both provide stock-trading custody services which include the settlement, safekeeping and reporting of securities and cash for clients. TerraAscend Executive Chair Jason Wild said the company moved its listing to the Toronto exchange on July 1 with the expectation that the stock would receive more trades from Canadian and European investors.
“Prior to listing, when investors asked us about U.S. custody, we opined that we didn’t know if a [Toronto Stock Exchange] listing would solve that issue,” Wild said. “But I’m happy to report that already Morgan Stanley, Bank of New York and their purchasing stock-clearing unit, Cohen, and others have removed TerrAscend from their block security list pursuant to their formal MRB, or marijuana-related business, policy.
“While institutional investors may still refrain from investing in our shares based upon their internal compliance policies, custodial impediments will no longer be in the way of the firms that ultimately choose to invest,” Wild said. “While the removal from the blacklist has gone without much notice, we do think that this is a big deal.”Lack of institutional involvement in U.S.
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