Cannabis Draws More U.S. Bankers as Deals Flow Away from Canada

After years of Canada dominating the world of marijuana finance, the country’s head start is evaporating and U.S. bankers are increasingly answering the call of cannabis companies.

For investment bankers willing to work in weed, the opportunity is large: With legalization spreading across the U.S., the marijuana industry is undergoing a wave of consolidation as large companies race to build a national presence. And while the federal ban on marijuana has kept big banks largely on the sidelines, veterans of Goldman Sachs Group Inc., JPMorgan Chase & Co. and Credit Suisse Group AG are now coming on board.

Take, for ...