This could assist cannabis stocks go higherBig News Released today on stock head .
Cannabis stocks celebrate Pershing ownership change
7 hours agoCannabis stocks have welcomed the change in ownership of Pershing Australia from Bank of New York Mellon (BNYM) to Finclear Pty Ltd which – effective immediately – will allow the trading of cannabis securities on the ASX.
In late 2019, BNYM announced its cannabis securities policy which prohibited clients (including a large number of Australian brokers), dealing in listed cannabis related businesses (CRB) mainly due to cannabis remaining illegal at the US federal level.
FinClear CEO David Ferrall said the acquisition of Pershing Australia will enable FinClear to expand its service offering to larger stockbrokers, with its client base already including financial planners, stockbrokers and wealth managers, wealth platforms, FinTechs and large institutional clients such as Commonwealth Bank and Macquarie Bank.
“We have the capital, the systems, technology and the expertise to integrate Pershing Australia clients into FinClear’s operations,” he said.
“We are confident that combining Pershing Australia with our vertically integrated service and technology capability will provide Pershing Australia’s clients with an enhanced service offering and provide a platform for future growth.
“Our combined HIN platform will service in excess of $120 billion in listed securities.”
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