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Private sector lender <keyword id="6356495" type="General" weightage="20" keywordseo="federal-bank" source="Orion">Federal Bank</keyword> on Tuesday said it has raised ₹ 3,099 crore through qualified institutional placement route to fund business growth. The board approved the allotment of 23.04 crore shares with a face value ₹ 2 each to eligible qualified institutional buyers at an issue price of ₹ 131.90 per unit, including a premium of ₹ 129.90 per share, reflecting a discount of ₹ 0.69 (0.52%) on the floor price of ₹ 132.59, Federal Bank said in a regulatory filing. Last week, the board had fixed a floor price of ₹ 132.59 per equity share for the Qualified Institutional Placement (QIP). Following the allotment of shares, the paid-up equity share capital of the bank stands increased from ₹ 4,23,63,28,436 crore - comprising 2,11,81,64,218 shares - to ₹ 4,697,283,704 crore, consisting of 2,348,641,852 shares, it said. The bank had posted a 42% rise in net profit at ₹ 1,147 crore for the June quarter, as against ₹ 807 crore in the year-ago period. The total income in the first quarter of the current fiscal rose to ₹ 5,757 crore, from ₹ 4,081 crore in the same period a year ago.

Federal Bank raises ₹3,099 crore via qualified institutional placement

<div class="KonaFilter image-container display-table"><div><div class="image on-image">Courtesy of CannTrustMarijuana being trimmed at CannTrust's cultivation facility in Ontario, Canada.</div></div></div><ul class="summary-list"><li>The world's largest asset managers are sitting on the sidelines of the US <a href="https://www.businessinsider.com/category/marijuana">marijuana industry</a>.</li><li>Marijuana is federally illegal in the US. That means that custodian banks are generally reticent to clear stocks of marijuana companies that have US operations.</li><li>That could change with the passage of the States Act, which securities lawyers say would give enough clarity around how the federal government will treat the nascent sector for banks and asset managers to do business. </li></ul>BlackRock, the world's biggest asset manager, <a href="https://www.businessinsider.com/blackrock-is-looking-at-cannabis-investments-2018-11">says it wants to invest in US marijuana stocks - but not quite yet.</a>There's one key problem.<a href="https://www.businessinsider.com/blackrock-is-looking-at-cannabis-investments-2018-11"> The $6.4 trillion asset manager can't clear US pot stocks without banking middlemen called custodians</a>. Until that changes, BlackRock's hefty assets, along with those of other mainstream institutional investors, will be stuck on the sidelines of an industry that could <a href="https://www.businessinsider.com/marijuana-bigger-than-soda-according-to-analyst-2018-4">skyrocket to $75 billion in the US alone</a>."We will be investing, but right now because of issues with states and the federal government in the US, some of the custodians will not clear cannabis stocks and we will have to wait until that happens," BlackRock's president Rob Kapito said earlier in November at an investor conference in Toronto. Cannabis is federally illegal in the US. And the federal government could come down hard on a firm of BlackRock's size - as well as the custodians that support these transactions - for flouting the law.<h2>What do custodians do?</h2>In short, a custodian holds stock and settles trades for funds that invest in the stock market. Think of them like the plumbing that allows investors to buy stock in public companies.The biggest custodians include State Street, Northern Trust and Bank of New York Mellon, and tend to be sleepy and conservative. Read more: <a href="https://www.businessinsider.com/blackrock-is-looking-at-cannabis-investments-2018-11">BlackRock's president says the $6.4 trillion asset manager wants to invest in cannabis stocks, but there's one key problem</a>Most custodian banks are federally chartered, so it's little surprise that they wouldn't want to risk flouting federal law by holding marijuana stocks, said Samuel Dibble, a San Francisco-based partner at law firm Baker Botts. If they lost their charter, they'd be out of business. State Street, Northern Trust and Bank of New York all declined to comment. The challenges that marijuana companies face attracting these middlemen came to a head earlier this year. The ETF Managers Group in September replaced large custody bank U.S. Bancorp as the custodian for its cannabis ETF, ETFMG Alternative Harvest (MJ), with smaller broker-dealer Wedbush Securities, according to a regulatory filing. No reason was given for the switch and representatives for ETF Managers Group and U.S. Bancorp declined to comment. The episode exposed a problem with investing in publicly traded marijuana companies that operate in the US: because marijuana is federally illegal, most banks and large institutions don't want to touch them.While some smaller players like Wedbush may be able to take more risks than a large brokerage like U.S. Bancorp might want to, holding cannabis stocks for a cannabis specific fund may be like "betting the entire firm on one line of business," said Dibble. Companies that choose to take this risk are "looking at their risk and their exposure, and balancing that with short-term profitability," Dibble said. A Wedbush spokeswoman declined to comment.<div class="KonaFilter image-container display-table"><div><div class="image on-image">REUTERS/Christinne MuschiA man shows off his cannabis purchase outside the Quebec Cannabis Society (SQDC) store, on the day Canada legalizes recreational marijuana, in Montreal, Quebec, Canada</div></div></div><h2>Cannabis isn't legal in the US. For now. </h2>There's an important distinction between Canadian marijuana firms and their US counterparts. <a href="https://www.businessinsider.com/canada-legal-marijuana-sales-start-on-october-17-2018-10">Canada legalized marijuana federally in October</a>, which means it's open season for large funds to buy shares of companies that confine their operations to Canada or at least don't cross the border into the US. BlackRock is already invested in these types of Canadian firms, holding 4.4 million shares of Aurora Cannabis, a Canadian cannabis cultivator listed on the NYSE, and over 700,000 shares of Aphria, a TSX-listed medical marijuana firm, among other Canadian cannabis holdings. Read more: <a href="https://www.businessinsider.com/cannabis-companies-competing-for-market-share-2018-11">'My lips are wet, my mouth is watering to get a piece of that': A war is brewing between US and Canadian marijuana companies to claim a $75 billion market</a>Vanguard, the largest provider of mutual funds in the world, holds close to 19 million shares of Aurora, and 4.3 million shares of Canopy Growth, one of the world's largest cannabis cultivators. But because marijuana is federally illegal in the US, companies that cultivate or sell the plant in the US can't list on major stock exchanges like the New York Stock Exchange or Canada's top trading venue, the Toronto Stock Exchange. And big investors won't touch them. <a href="https://www.businessinsider.com/medmen-is-going-public-through-a-reverse-takeover-2018-4">US publicly traded marijuana companies like Green Thumb Industries and MedMen,</a> which are listed on a secondary Canadian exchange called the Canadian Securities Exchange, don't have big funds as investors. Rather, they're high-net worth individuals or family offices who are better able to take on the risks involved with stepping into a federally illegal industry.While some major investors have dabbled personally (<a href="https://www.businessinsider.com/why-cannabis-companies-pursue-reverse-takeovers-2018-11">hedge fund billionaire Leon Cooperman has personally bought shares of Green Thumb Industries)</a>, it's unlikely that any major fund would invest in marijuana companies that operate in the US until the federal government provides some clarity on how it treats the industry, securities lawyers said. After a number of states legalized either recreational or medical marijuana in the midterms, some cannabis investors and CEOs say <a href="https://www.businessinsider.com/trump-likely-to-sign-bill-protecting-states-with-legal-marijuana-2018-6">they expect Congress to soon pass the States Act</a>, a piece of bipartisan legislation that would protect cannabis businesses from federal interference.Read more: <a href="https://www.businessinsider.com/cannabis-investors-react-after-midterms-2018-11">Sessions is out, marijuana wins in midterms: Cannabis investors react to a head-spinning 24 hours in Washington</a>The States Act isn't full-scale legalization. But it would provide enough certainty for institutional funds to invest in, and for major US stock exchanges to list cannabis businesses, said Brady Cobb, an attorney and the CEO of cannabis-focused Sol Global Investments. If the States Act passes, it might spur major custodian banks, who play a crucial role as middlemen between institutional investors and public companies, to do business in the industry - paving the way for trillion-dollar institutions to jump in. <h2>Beyond regulatory hurdles, stigma still remains</h2>But apart from these regulatory hurdles, stigma still exists around the marijuana industry generally. "There are a lot of institutional investors that do not want to have their name associated with cannabis," said Jordan Wellington, an attorney and chief compliance officer of cannabis industry consultancy Simplifya.Investing in cannabis also comes with an extra due diligence burden to show regulators that the money isn't flowing into the black market. While the cannabis industry may be growing rapidly, for some big investors like BlackRock, the US cannabis industry might still too small to make that headache worth it."It really comes down to risk tolerance," said John Vardaman, a former Department of Justice attorney who's now the general counsel at Hypur, a fintech startup that serves the cannabis industry. Some investors, said Vardaman, won't invest until marijuana is federally legal. "But if you take that position and you're interested in the industry, you've already missed out on a lot of growth," Vardaman said.

Big asset managers like BlackRock are sitting on the sidelines of the $75 billion US marijuana industry because of one big pain point, and fixing it could inject billions into the rapidly growing sector

RIL, Infosys and 8 other stocks that domestic investors bought heavily in Q2

<div class="KonaFilter image-container display-table"><div><div class="image on-image">REUTERS/Chris WattieAn employee holds a display of dried marijuana at the Fire and Flower store as the first legal cannabis stores open in the province of Ontario, in Ottawa, Ontario, Canada, April 1, 2019.</div></div></div><ul class="summary-list"><li>BNY Mellon is serving as a custodian bank for a new, actively managed marijuana ETF that trades under the ticker 'YOLO,' the bank confirmed to Business Insider. </li><li>The bank's move could solve one of the biggest points for institutional investors that want to invest in cannabis but previously couldn't due to the US federal government's stance on the drug.</li><li><a href="https://www.businessinsider.com/?hprecirc-bullet">Visit Business Insider's homepage for more stories.</a></li></ul>BNY Mellon is working to solve one of the biggest pain points for institutional investors that want to put money to work in the cannabis industry.The New York-based bank is providing custodial services to a new marijuana exchange-traded fund (ETF) called the AdvisorShares Pure Cannabis ETF. Launched last week, the actively managed fund will trade under the ticker YOLO.A spokesperson for BNY confirmed to Business Insider that the bank was working with the ETF and said that it met "our internal governance requirements." Read more: <a href="https://www.businessinsider.com/canaccord-genuity-pursuing-finra-approval-to-custody-us-stocks-2019-3">A Canadian investment bank is quietly pursuing a critical regulatory approval that would solve one of the biggest pain points for the US marijuana industry</a>Though YOLO isn't the first marijuana ETF, it's the first New York Stock Exchange-listed marijuana fund that's backed by a major custodian bank. That could pave the way for the biggest financial institutions, like the BlackRocks of the world, to invest in cannabis stocks. <h2>What does a custodian bank do?</h2>Custodian banks like BNY hold stock and settles trades for funds that invest in publicly traded stocks. Think of them like the plumbing that allows investors to safely buy stock in public companies - they're crucial middlemen between asset managers and publicly traded companies. Other marijuana ETFs, like ETF Managers Group's ETFMG Alternative Harvest, have previously been forced to use smaller broker-dealers like Wedbush Securities to hold stocks because major custodian banks wouldn't work with cannabis companies over fears of losing their federal charter.Marijuana is <a href="https://www.businessinsider.com/legal-marijuana-states-2018-1">legal in some form in 33 states and in Canada</a>, while it is considered an illegal, Schedule I drug by the US federal government.That difference has made some institutional investors wary about investing in the industry. BlackRock president Rob Kapito said at a Toronto conference last year that <a href="https://www.businessinsider.com/blackrock-is-looking-at-cannabis-investments-2018-11">the world's largest asset manager "will be getting in" to the cannabis industry</a> once custodians are able to clear cannabis stocks.Read more: <a href="https://www.businessinsider.com/marijuana-industry-investment-custodial-issues-2018-11">Big asset managers like BlackRock are sitting on the sidelines of the $75 billion US marijuana industry because of one big pain point</a>Two of the other biggest custodian banks, State Street and Northern Trust, declined to comment. Canaccord Genuity, a mid-size Canadian investment bank, is also <a href="https://www.businessinsider.com/canaccord-genuity-pursuing-finra-approval-to-custody-us-stocks-2019-3">seeking approval from the Financial Industry Regulatory Authority (FINRA) to act as a custodian for US investors</a>, Business Insider previously reported.Cannabis industry sources speculate that the bank, which is already actively working with cannabis companies, will use FINRA approval to act as a middleman between big asset managers like Fidelity, JP Morgan, and BlackRock and Canadian Securities Exchange-listed US marijuana companies like Curaleaf and Green Thumb Industries.<ul class="read-more-links"><li>Read more:</li><li><a href="https://www.businessinsider.com/citigroup-reevaluating-its-policy-on-testing-applicants-for-marijuana-2019-4" data-read-more-link="" data-e2e-name="read-more-link">Citigroup is reevaluating its policy on testing job applicants for marijuana use as Wall Street banks weigh whether to work with the $75 billion cannabis industry</a></li><li><a href="https://www.businessinsider.com/study-cbd-products-are-mislabeled-and-contain-dangerous-chemicals-2019-4" data-read-more-link="" data-e2e-name="read-more-link">A California company tested 20 popular CBD products and found 'insanely high levels' of dangerous chemicals and misleading labels</a></li><li><a href="https://www.businessinsider.com/canopy-growth-acreage-holdings-deal-could-spur-cannabis-ma-boom-2019-4">Top cannabis CEOs say Canopy Growth's $3.4 billion purchase of pot cultivator Acreage 'shakes the foundation of what has been true' and will spur a cannabis M&amp;A boom</a></li><li><a href="https://www.businessinsider.com/citigroup-execs-consider-role-in-banking-cannabis-deals-2019-3" data-read-more-link="" data-e2e-name="read-more-link">Citigroup is considering working with pot companies as banks figure out ways to chase a $75 billion market</a></li></ul> <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/stop-washing-your-hair-no-poo-movement-shampoo-hygiene-2019-4">What happens if you stop washing your hair for a year</a></h3> <div> </div> </div>

BNY has quietly started working with a marijuana ETF - and it's about to be the first major bank to help the world's largest funds invest in the booming industry

<ul class="summary-list"><li>"Shark Tank" investor Kevin O'Leary said the start of the demise of regional banks is underway. </li><li>Eventually, the banking sector will become an "oligopoly" of very large institutions.</li></ul>The viability of regional banks looks shaky despite the federal government's intervention to protect uninsured depositors at collapsing lenders, said "Shark Tank" investor Kevin O'Leary.A day after the Senate Banking Committee held its first hearing about the <a href="https://markets.businessinsider.com/news/stocks/svb-banking-crisis-deposits-loans-credit-crunch-consumers-commercial-economy-2023-3">failures of Silicon Valley Bank</a> and Signature Bank earlier this month, the <a href="https://www.cnn.com/videos/business/2023/03/14/dream-job-scam-stout-pkg-cprog-ctw-intl-vpx.cnni" target="_blank" rel="noopener">O'Leary Ventures chairman suggested on CNN</a> that banks will see major consolidation. "I say this is the beginning of the demise of small banks, for sure. And that we're going to end up with an oligopoly of very large institutions with an imputed concept that they're backed by the federal government. Not guaranteed, imputed," he said, adding that he was not advocating to see the end of regional banks. O'Leary also said customers at regional banks can conduct transactions online, making it unnecessary for those lenders to operate brick-and-mortar locations. And if a community still wants such banks, then the risk should be localized instead of being borne nationwide, he added."However, if you really want to have a regional bank and you feel as a governor or senator of your state, then you should own the risk," he said. "Would you personally guarantee the bank in New Jersey or New York? Would you personally go on the hook because you want to have a regional bank in these states?" Regulators protected depositors at SVB and Signature Bank beyond the FDIC's insurance limit of $250,000 for each account to prevent a wider run on banks. Two weeks ago, O'Leary said the <a href="https://markets.businessinsider.com/news/stocks/shark-tank-kevin-oleary-bank-stock-regulated-svb-collapse-biden-2023-3">Biden administration essentially nationalized banks</a>, indirectly putting taxpayers on the hook with the federal protection of depositors beyond FDIC limits. On Wednesday, O'Leary envisioned what consumers with more than $250,000 in a small banks thought while watching lawmakers call out "incompetent" bank executives."I have come to the conclusion, as many others have that are discussing this, that I do not want to pay for every idiot banker's mistake. It's not on me as a taxpayer and there are many idiot bankers," he said.

'Shark Tank' investor Kevin O'Leary says the demise of regional banks has begun after the US set a bad precedent in protecting 'incompetent' SVB management

Mumbai, Dec 12 () Market benchmark BSE Sensex climbed over 150 points on Thursday tracking gains in other Asian equities after US Federal Reserve kept interest rates unchanged at its policy meeting and hinted at an accommodative stance throughout next year.
 The 30-share index was trading 149.75 points or 0.37 per cent higher at 40,562.32 in morning trade. The broader Nifty was trading 47.60 points or 0.40 per cent up at 11,957.75.
 Yes Bank was the top gainer in the Sensex pack rallying up to 4.32 per cent, followed by ICICI Bank Tata Motors, Tata Steel, Vedanta, IndusInd Bank, Hero MotoCorp, SBI and Sun Pharma.
 On the other hand, ONGC was the top loser, shedding up to 1.25 per cent. Bharti Airtel, Kotak Bank, PowerGrid, ICICI Bank and HDFC were also trading in the red.
 In the previous session, the 30-share gauge finished 172.69 points or 0.43 per cent higher at 40,412.57, and the Nifty climbed 53.35 points or 0.45 per cent to close at 11,910.15.
 According to traders domestic investors following cues from global markets, which were enthused by US Federal Reserve's dovish outlook in its policy meet last night.
 The Fed, as expected, made no change to interest rates after cutting the last three meetings in an effort to maintain solid economic growth.
 The central bank chief Jerome Powell said the US outlook "remains favouable despite global developments and ongoing risks" as he described the grinding US-China trade war as a drag on global growth.
 Domestic market sentiment was also positive as foreign investors turned net buyers in the capital market on Wednesday, traders said, adding that investors are also awaiting factory output data to be released later in the day.
 Foreign institutional investors purchased Rs 605.41 crore, while domestic institutional investors bought shares worth Rs 239.87 crore, data available with stock exchange showed.
 Elsewhere in Asia, bourses in Hong Kong, Shanghai, Tokyo and Seoul were trading on a positive note.
 Stock exchanges on Wall Street too settled higher after the Fed meet outcome.
 Brent futures, the global oil benchmark, rose 0.44 per cent to USD 64 per barrel.
 Meanwhile, the rupee appreciated by 16 paise to 70.68 in morning session. ANS
ANS

Sensex jumps over 150 pts; Nifty above 11,950

<div class="KonaFilter image-container display-table"><div><div class="image on-image">Anthony Bolante/ReutersA few dedicated funds are capitalizing on marijuana prohibition in a big way.</div></div></div><ul><li><a href="https://www.businessinsider.com/category/marijuana">Marijuana</a> is one of the fastest-growing industries in the US. It's also illegal.</li><li>Federal prohibition has given rise to a number of dedicated funds that are looking to capitalize on the "short window" of opportunity before institutional investors start writing checks.</li><li>Investors who are patient and willing to take on the risk stand to make huge gains. </li></ul> Legal marijuana is one of the <a href="https://www.businessinsider.com/more-marijuana-industry-workers-than-dental-hygienists-in-the-us-2018-2">fastest-growing</a> industries in the US. It generates hundreds of millions in tax revenue in states where <a href="https://www.businessinsider.com/legal-marijuana-states-2018-1">selling the drug is legal</a>, and it's expected to become a <a href="https://www.businessinsider.com/marijuana-bigger-than-soda-according-to-analyst-2018-4">$32 billion global market</a> in the next four years. It's also considered illegal by the federal government.But for a few <a href="https://www.businessinsider.com/marijuana-private-equity-fund-manager-investments-2018-6">cannabis-specific funds</a>, federal <a href="https://www.businessinsider.com/category/marijuana">marijuana</a> prohibition is the opportunity of a lifetime. While many of the biggest Wall Street banks and institutional investors may want to do business in the cannabis industry, their limited partners - typically large pension funds or insurance companies - are spooked by federal prohibition. Jon Trauben, a partner at the New York City-based Altitude Investment Management, which manages around $25 million, told Business Insider in a recent interview that the firm is taking advantage of that short "window of opportunity" to invest in marijuana before prohibition recedes and the big institutional players jump into the sector. "It's unique, timely, and you can't ignore it," Trauben said. ...<a href="https://www.businessinsider.com/molson-heineken-constellation-dive-into-marijuana-beverages-2018-8"></a>Sponsored: If you enjoyed reading this story so far, why don't you join Business Insider PRIME? Business Insider provides visitors from MSN with a special offer. <a href="https://www.businessinsider.com/marijuana-prohibition-is-a-big-opportunity-for-a-few-funds-2018-8?r=msn-article">Simply click here to claim your deal and get access to all exclusive Business Insider PRIME benefits.</a> <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/why-plastic-straws-suck-ocean-pollution-sea-turtle-starbucks-2018-7">Why plastic straws suck</a></h3> <div> </div> </div>

Federal marijuana prohibition has opened a short window of opportunity for investors willing to stomach the risk

<keyword id="60356" type="General" weightage="20" keywordseo="fundraising" source="Orion">Fundraising</keyword> through the issuance of shares to <keyword id="68968" type="General" weightage="20" keywordseo="institutional-investors" source="Orion">institutional investors</keyword> skyrocketed, as companies raked in Rs 50,218 crore in 2023, marking a six-fold surge from the previous year and indicating a positive outlook among investors. Apart from <keyword id="48708" type="General" weightage="20" keywordseo="qips" source="Orion">QIPs</keyword>, fund mobilisation through rights issue of shares and OFS (<keyword id="1498312" type="General" weightage="20" keywordseo="offer-for-sale" source="Orion">Offer-for-Sale</keyword>) route too surged in 2023, as compared to last year. Market experts attributed the primary reason for the increase in Qualified Institutional Placement (QIP) fundraising to the market and <keyword id="470493" type="General" weightage="20" keywordseo="investor-sentiments" source="Orion">investor sentiments</keyword> that play an important role in their success. As long as positive market vibes persist, and investors continue to reap returns, listed companies lean towards opting for fundraising through QIP as this avenue ensures swift access to funds, they added. According to data by the National Stock Exchange (NSE), companies collected Rs 50,218 crore through QIPs in 2023, which was way higher than Rs 8,196 crore raised in the preceding year. Bajaj Finance Ltd spearheaded the largest QIP, securing about Rs 8,800 crore. Following suit, Union Bank of India and Bank of India raised around Rs 5,000 crore and Rs 4,500 crore, respectively. In addition, there was one QIP of a REIT of Brookfield India Real Estate Trust that garnered Rs 2,305 crore this year. Other noteworthy contributors to the fundraising spree included Cholamandalam Investment &amp; Finance, Federal Bank, IDFC First Bank, Aditya Birla Capital and Bank of Maharashtra. Listed companies that need funds either to meet their capex requirements or to comply with Sebi's 25 per cent minimum public shareholding norms generally opt to raise funds through the QIP route. Further, as compared to rights issues or follow-on public offers (FPOs), the QIP route takes less time and fewer compliance norms. QIP is one of the quickest products to raise funds from institutional investors. It is designed only for the listed companies, which allows them to mobilize funds quickly from institutional investors without the need to submit any pre-issue filings to market regulators. The NSE data indicates a substantial rise in capital raised through rights issue route, reaching Rs 8,017 crore this year compared to Rs 3,646 crore in 2022. Furthermore, fund mobilization through the OFS route increased 44 per cent to Rs 15,959 crore in 2023, up from Rs 11,110 crore in the previous year.

QIP fundraising shines, cos garner Rs 50,200 cr in 2023

<div class="KonaFilter image-container display-table"><div><div class="image on-image">Anthony Bolante/ReutersA few dedicated funds are capitalizing on marijuana prohibition in a big way.</div></div></div><ul><li><a href="https://www.businessinsider.com/category/marijuana">Marijuana</a> is one of the fastest-growing industries in the US. It's also illegal.</li><li>Federal prohibition has given rise to a number of dedicated funds that are looking to capitalize on the "short window" of opportunity before institutional investors start writing checks.</li><li>Investors who are patient and willing to take on the risk stand to make huge gains. </li></ul> Legal marijuana is one of the <a href="https://www.businessinsider.com/more-marijuana-industry-workers-than-dental-hygienists-in-the-us-2018-2">fastest-growing</a> industries in the US. It generates hundreds of millions in tax revenue in states where <a href="https://www.businessinsider.com/legal-marijuana-states-2018-1">selling the drug is legal</a>, and it's expected to become a <a href="https://www.businessinsider.com/marijuana-bigger-than-soda-according-to-analyst-2018-4">$32 billion global market</a> in the next four years. It's also considered illegal by the federal government.But for a few <a href="https://www.businessinsider.com/marijuana-private-equity-fund-manager-investments-2018-6">cannabis-specific funds</a>, federal <a href="https://www.businessinsider.com/category/marijuana">marijuana</a> prohibition is the opportunity of a lifetime. While many of the biggest Wall Street banks and institutional investors may want to do business in the cannabis industry, their limited partners - typically large pension funds or insurance companies - are spooked by federal prohibition. Jon Trauben, a partner at the New York City-based Altitude Investment Management, which manages around $25 million, told Business Insider in a recent interview that the firm is taking advantage of that short "window of opportunity" to invest in marijuana before prohibition recedes and the big institutional players jump into the sector. "It's unique, timely, and you can't ignore it," Trauben said.Here's how it works: canny investors like Trauben hit up high-net-worth individuals or family offices for capital. These entities are willing to take on tons of risk putting their money to work in what amounts to a legal grey area. Through dedicated funds - structured as <a href="https://www.businessinsider.com/highest-valued-marijuana-companies-insights-industry-2018-3">venture capital</a>, <a href="https://www.businessinsider.com/marijuana-private-equity-fund-manager-investments-2018-6">private equity</a>, or <a href="https://www.businessinsider.com/bi-prime-navy-capital-investing-in-the-public-marijuana-market-2018-2">hedge funds</a> - that capital can be quickly deployed to finance growth in the <a href="https://www.businessinsider.com/marijuana-bigger-than-soda-according-to-analyst-2018-4">booming</a> cannabis sector, especially for US-based companies that are working under severe capital constraints.Most of these funds invest in <a href="https://www.businessinsider.com/highest-valued-marijuana-companies-insights-industry-2018-3">ancillary companies</a>, like tech startups that provide software and payroll services to the booming marijuana industry but don't actually grow or sell the plant itself. That shields them from most of the risks involved with doing business in an industry the federal government considers illegal, but still allows them to reap profits. <div class="KonaFilter image-container display-table"><div><div class="image on-image">Jenny Cheng/ Business Insider</div></div></div><h2>The chaos theory of investing in cannabis </h2>Many investors in the marijuana industry are taking a page straight out of the "Game of Thrones" playbook: Chaos, in this case, is a ladder to strong returns. "When there's complexity, when there's chaos, when there's uncertainty, that's when the people who are really good at doing what they are doing stand to make really strong gains," Micah Tapman, a managing director at Colorado-based <a href="http://www.canopyboulder.com/home/">Canopy</a>, which focuses on early-stage investments in the cannabis industry, previously told Business Insider."The lack of banking and lack of access to capital is creating a huge opportunity," Danny Moses, a hedge funder behind the famous "Big Short" trade chronicled by Michael Lewis <a href="https://www.businessinsider.com/big-short-trader-marijuana-is-the-big-long-2018-6">said</a> at the Cannabis World Congress and Business Expo in New York. "It's a gold mine, but it's also a minefield."Moses, who has called investing in marijuana the "big long," has put some of his personal money into <a href="https://www.businessinsider.com/marijuana-private-equity-fund-manager-investments-2018-6">Merida Capital</a>, a New York-city based private equity fund led by a former corporate attorney, Mitch Baruchowitz.To Baruchowitz, who told Business Insider in June that his firm manages around $50 million, the best investments are those that build the "scaffolds" for the marijuana industry."So our investment thesis is one that is much more geared towards that scaffolding," Baruchowitz said. He pointed to Merida portfolio companies like Simplifya, a software service that helps cannabis dispensaries comply with byzantine operating regulations, which tend to differ state-by-state. As with any cutting-edge industry, there's a learning curve for investors. But it's easier when they're not competing with multibillion-dollar funds. "There's no truer way to learn something unless you spend your own money," Trauben, of Altitude, said. "And right now, we don't have to compete with the Goliaths."<h2>Wall Street is banging at the door </h2>The legal grey area the cannabis industry finds itself in is slowly shrinking, and the window of opportunity for investors will eventually close. Big institutional firms are already pushing into marijuana as attitudes around the drug change, and a number of bills legitimizing the industry at the federal level <a href="https://www.businessinsider.com/marijuana-justice-act-marijuana-legalization-bill-introduced-in-house-2018-1">work their way</a> through Congress.Karan Wadhera, the managing partner of Casa Verde, a Los Angeles-based venture capital fund focused on ancillary cannabis companies, <a href="https://www.businessinsider.com/green-bits-cannabis-tech-tiger-global-2018-4">told Business Insider in April</a> that his fund is receiving a lot of inbound interest from large institutional investors. "I think this is a testament to both the size and pace of growth in the cannabis industry," Wadhera said, adding that last year, "many top VCs would not be ready to entertain a conversation on cannabis."Just last week, Constellation Brands - the beermaker behind Corona - <a href="https://www.businessinsider.com/molson-heineken-constellation-dive-into-marijuana-beverages-2018-8">sunk $4 billion in a stock deal</a> into Canopy Growth, a publicly traded marijuana company. It's the largest corporate investment into a marijuana cultivator to date. And guess who advised Constellation on the transaction? None other than the most institutional of institutional firms: Goldman Sachs. Bank of America, one of the largest banks in the world, provided the financing.<h2>Read more of our cannabis industry coverage:</h2><ul><li><a href="https://www.businessinsider.com/marijuana-industry-rising-investment-stars-2018-3">The rising stars of marijuana's investment scene that everyone from Wall Street to Silicon Valley should know</a></li><li><a href="https://www.businessinsider.com/marijuana-industry-rising-investment-stars-2018-3"></a><a href="https://www.businessinsider.com/highest-valued-marijuana-companies-insights-industry-2018-3">The highest-valued marijuana companies of 2017 reveal 2 key insights about the booming industry</a></li><li><a href="https://www.businessinsider.com/big-short-trader-marijuana-is-the-big-long-2018-6">One of the hedge funders behind 'The Big Short' says betting on marijuana is the 'big long'</a></li><li><a href="https://www.businessinsider.com/marijuana-private-equity-fund-manager-investments-2018-6">A top cannabis private equity fund manager reveals how he picks companies to invest in</a></li><li><a href="https://www.businessinsider.com/molson-heineken-constellation-dive-into-marijuana-beverages-2018-8">Beer giants like Heineken and Constellation Brands are duking it out in the billion-dollar market for marijuana-infused drinks</a></li></ul> <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/what-happens-if-you-drink-pee-2018-8">Should you actually drink your own pee in a survival situation?</a></h3> <div> </div> </div>

The rupee depreciated 7 paise to close at 81.81 (provisional) against the US dollar on Monday, tracking the strength of the American currency in the overseas markets and a muted trend in domestic equities. At the interbank foreign exchange market, the local unit opened at 81.84 and later witnessed an intraday high of 81.74 and a low of 81.91 during the session. The domestic unit finally settled at 81.81 against the American currency, registering a fall of 7 paise over its last close. On Friday, the rupee depreciated 10 paise to close at 81.74 against the US currency. The rupee depreciated on weak domestic markets and a strong dollar. <keyword id="46756" type="General" weightage="80" keywordseo="fii" source="Orion">FII</keyword> outflows put downside pressure on the rupee, said Anuj Choudhary - Research Analyst at Sharekhan by BNP Paribas. The US dollar gained amid hawkish tone by most <keyword id="127109" type="General" weightage="80" keywordseo="federal-open-market-committee" source="Orion">Federal Open Market Committee</keyword> (<keyword id="136502" type="General" weightage="80" keywordseo="fomc" source="Orion">FOMC</keyword>) members and concerns over rising COVID-19 cases in China, which dimmed hopes of reopening in China. Economic data from the US remained mixed. The US existing home sales declined to 4.43 million in October from 4.71 million in September but topped estimates of 4.41 million. "We expect the rupee to trade with a negative bias on strength in the US Dollar amid risk aversion in global markets. However, weak crude oil prices may support the rupee at lower levels. Traders may remain cautious ahead of the Federal Open Market Committee (FOMC) meeting minutes later this week," Choudhary said. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.83 per cent to 107.81. Global oil benchmark Brent crude futures declined 0.76 per cent to USD 86.95 per barrel. On the domestic equity market front, the 30-share <keyword id="35140" type="General" weightage="80" keywordseo="bse" source="Orion">BSE</keyword> Sensex fell 518.64 points or 0.84 per cent to end at 61,144.84, while the broader NSE Nifty declined 147.70 points or 0.81 per cent to 18,159.95. <keyword id="6438315" type="General" weightage="80" keywordseo="foreign-institutional-investors" source="Orion">Foreign Institutional Investors</keyword> (FIIs) were net sellers in capital markets as they offloaded shares worth Rs 751.20 crore on Friday, according to exchange data. Meanwhile, India's foreign exchange reserves rose by USD 14.72 billion to reach USD 544.72 billion for the week to November 11, making it the steepest accretion since August 2021. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/gold-declines-rs-408-silver-drops-rs-594/articleshow/95659459.cms">Gold declines Rs 408; silver drops Rs 594</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/india-imports-23-4-lakh-tons-of-fertiliser-in-october/articleshow/95659109.cms">India imports 23.4 lakh tons of fertiliser in October</a>

Rupee falls 7 paise to close at 81.81 against US dollar

<ul class="summary-list"><li>Taxpayer funds will not bail out Silicon Valley Bank customers, President Joe Biden said Monday.</li><li> Investors, on the other hand, face losses — "That's how capitalism works," he said.</li></ul>When customers of collapsed Silicon Valley Bank get <a href="https://www.businessinsider.com/signature-bank-shut-down-by-regulators-depositors-bailed-out-2023-3">their deposits back</a>, it won't be taxpayers who pick up the tab, President Joe Biden said in an address Monday morning. Instead, their funds would be restored through "fees that banks pay into the deposit insurance fund," Biden said, delivering a message that sought to rebuild confidence in the US banking system amid fears of wider collateral damage from <a href="https://www.businessinsider.com/silicon-valley-bank-svb-biggest-bank-failure-since-2008-crisis-2023-3">SVB's crash on Friday</a>. Biden also indicated what he said were measures geared toward accountability for SVB's collapse, saying that management would be removed in such cases, and that the investors should bear the risk of losses. "If the bank is taken over by FDIC, the people running the bank should not work there anymore," he said. "Investors in the banks will not be protected — they knowingly took a risk, and when the risk didn't pay off, investors lose their money," he added. "That's how capitalism works." Biden also called for a "full accounting" of the factors that led to SVB's collapse, saying, "in my administration, no one is above the law."A representative for Silicon Valley Bank did not immediately return Insider's emailed request for comment Monday morning. In the chaotic aftermath of SVB's takeover by the Federal Deposit Insurance Corporation, New York regulators separately <a href="https://www.businessinsider.com/signature-bank-shut-down-by-regulators-depositors-bailed-out-2023-3">closed down Signature Bank</a> over the weekend, setting off more alarms over the health of the banking system.SVB's abrupt crash, which <a href="https://www.businessinsider.com/svb-failure-what-the-hell-happened-2023-3">unfolded within days</a>, had sent startups who had relied on their sector's trusted institution scrambling to figure out <a href="https://www.businessinsider.com/startups-silicon-valley-bank-worried-wont-pay-employees-next-week-2023-3?_gl=1*1oonh6a*_ga*OTQ3OTU5ODM5LjE2NTU5MjQwODA.*_ga_E21CV80ZCZ*MTY3ODQ4NDEwNS44NTMuMS4xNjc4NDg0MjQ1LjAuMC4w">how to pay employees</a>. On Sunday, Treasury Secretary Janet Yellen and other federal officials said they moved to protect depositors of both, SVB and Signature Bank, saying that banks would foot the bill.

Biden says taxpayers won't bail out Silicon Valley Bank and the people responsible for its collapse will be held accountable: 'No one is above the law'

<div class="KonaFilter image-container display-table"><div><div class="image on-image">REUTERS/Leonhard FoegerMarijuana is a big business with a ton of challenges.</div></div></div><ul><li><a href="https://www.businessinsider.com/marijuana-bigger-than-soda-according-to-analyst-2018-4">The US </a><a href="https://www.businessinsider.com/category/marijuana">marijuana</a> industry is booming in a number of states, but the federal government considers marijuana an illegal, Schedule I drug.</li><li>Because of that, most banks won't touch the industry. And they won't lend money either.</li><li>That's forced marijuana startups to come up with creative solutions to raise money, finance growth, file taxes, and pay employees.</li></ul>Twice a week, Emmett Reistroffer carefully watches his array of security cameras. When the coast is clear, an armed guard walks into his facility.When the guard - a former law enforcement officer - enters, Reistroffer sits down with an accountant and the guard to count stacks of cash. Riestroffer is the Director of Compliance at Silver State Wellness, a state-legal Nevada cannabis business.The guard is a heavily armed cash courier, and this highly-choreographed meetup is the reality of doing business in Nevada's cannabis industry. Riestroffer is just trying to pay Silver State's vendors on time - and everything has to be in cash.While marijuana is <a href="https://www.businessinsider.com/legal-marijuana-states-2018-1">legal in a number of states</a>, the federal government still considers it an illegal, Schedule I drug. Because of that, many marijuana startups - though fully compliant with state law - are <a href="https://www.businessinsider.com/big-short-trader-marijuana-is-the-big-long-2018-6">shut out</a> of the banking system. Marijuana companies that deal with the plant directly, like cultivators, distributors, and dispensaries, are forced to come up with creative solutions to do business on an all-cash basis. That's where the armored guards come in."The process is highly secure," Riestroffer told Business Insider. "We plan the cash drops when the facility is relatively empty."Riestroffer said the word "cash" never appears in any of his text messages or emails to the courier and vendors he needs to pay.While Riestroffer wouldn't say exactly how much cash he handles on the twice-weekly drops, it's upwards of $100,000. He said other cannabis businesses he knows of are handling cash "into the millions." "We try and minimize as much as possible who needs to know, and what the courier is coming to do at our facility," he said.Beyond the obvious public safety and theft issues of piles of cash moving around Las Vegas in armored trucks, it's "a huge burden on my time," Riestroffer said, adding that he has to account for every single transaction purely in cash.It's also a problem for paying vendors, many of whom don't want or won't accept cash payments, Riestroffer said.<div class="KonaFilter image-container display-table"><div><div class="image on-image">John Locher/APA man shops for marijuana at The Source dispensary, Saturday, July 1, 2017, in Las Vegas.</div></div></div><h2>No banks and no loans = lots of problems</h2>The marijuana business is booming in the US. According to <a href="https://www.businessinsider.com/marijuana-bigger-than-soda-according-to-analyst-2018-4">a report</a> from the investment bank Cowen, legal <a href="http://www.businessinsider.com/category/marijuana">marijuana</a> is set to hit $75 billion in sales by 2030, putting it on par with soda consumption. Marijuana cultivators are now <a href="https://www.businessinsider.com/marijuana-company-tilray-ipos-on-the-nasdaq-interview-2018-7">listed on the NASDAQ</a>, have <a href="https://www.businessinsider.com/john-boehner-former-house-speaker-to-join-board-of-marijuana-company-2018-4">former politicians</a> on their board, and are backed by heavyweight investors like <a href="https://www.businessinsider.com/hedge-fund-billionaire-leon-cooperman-investing-in-marijuana-2018-8">Leon Cooperman</a>.But for many big institutions, the risks of banking and lending to the cannabis industry under the <a href="https://www.businessinsider.com/sessions-crackdown-on-cannabis-cole-memo-legal-marijuana-industry-2018-1">current federal mandate</a> just aren't worth it, especially with all the extra paperwork and scrutiny it can generate. "For cannabis businesses, this means that access to the basic financial products like checking and savings accounts can be elusive," John Hudak, a senior fellow at the <a href="https://www.brookings.edu/">Brookings Institution</a> who studies issues pertaining to marijuana legalization, told Business Insider. Tyler Beuerlein, a VP at <a href="https://www.hypur.com/">Hypur</a>, an Arizona-based fintech startup that acts as a middleman between banks and cannabis companies, told Business Insider that he believes there are "less than 30" banks willing to do business with the booming cannabis industry in the US.That means the costs of doing business and remaining compliant with the byzantine patchwork of state and federal laws guiding the cannabis sector are much higher than in any other industry. There's also a higher risk of fraud in cash-only businesses, according to Hudak. As a result, cannabis businesses have had to resort to creative accounting in order to do the things any normal business would, like paying employees and filing taxes."The way it works in Nevada, the employees are actually contractors of a parent organization," Riestroffer said. "The contractors work for the facility, but they're really employed by another entity."That system allows Silver State to pay employees regularly through direct deposit, which Riestroffer said is "really lucky." Other companies are forced to pay employees in cash, which creates its own obvious headaches for state regulators.Because of a section of the federal tax code that doesn't allow cannabis companies to deduct business expenses, these startups end up paying an effective tax rate "3.5 times higher than their neighboring businesses," Keegan Peterson, the CEO of <a href="https://www.enjoywurk.com/">Wurk</a>, a Colorado-based payroll and compliance firm, told Business Insider. <div class="KonaFilter image-container display-table"><div><div class="image on-image">Lucy Nicholson/ReutersEron Silverstein, 51, (R) shops for marijuana at the MedMen store in West Hollywood, California U.S. January 2, 2018.</div></div></div><h2>California is a little further along than Nevada </h2>While California is a little further along in terms of cannabis banking access than Nevada (and most other states that have legalized marijuana), similar issues remain.John Cochran, the CEO of Loudpack, a marijuana distribution and cultivation company based in the Golden State, said there are a number of credit unions willing to bank his business.But in the "old days," which in the marijuana industry means two or three years ago, "I'm sure there were lots of people that paid their employees in cash in some form," he said.While credit unions will open basic checking accounts for California cannabis businesses, institutional banks still won't lend to the cannabis industry, which hurts entrepreneurs across the board.It's a question of "whether the juice is worth the squeeze" for the big banks, Cochran said. Banks don't want to invite the scrutiny that lending to a federally illegal industry would bring. <h2>Cannabis industry entrepreneurs have one option to finance growth </h2>Borrowing money is almost impossible in the cannabis industry. Just as with employees' payments, cannabis operators are forced to come up with creative solutions to finance growth.To finance a new business, firms usually have two basic options: they can use debt, by taking a loan and negotiating an interest rate with a bank, or they can trade equity by hitting up a venture firm - a process known as dilution.Instead of going to banks and underwriting a loan backed by whatever assets a company has, most cannabis companies raise money from <a href="https://www.businessinsider.com/marijuana-prohibition-is-a-big-opportunity-for-a-few-funds-2018-8">wealthy individuals</a> who are willing to take risks that banks won't.But in order to protect their capital in what amounts to a risky investment, these wealthy individuals - much like angel investors or seed-stage venture capital firms - want something for their money. That something usually amounts to a huge equity stake, Kris Krane, the president of 4Front Ventures, a firm that invests and manages a network of marijuana dispensaries across the US told Business Insider.For example, 4Front was recently granted a license to open a dispensary in Western Massachusetts. But 4Front can't get a loan to build in the state, so it's forced to hit up private investors. "We basically have to take dilution and sell pieces of the company we otherwise wouldn't have," Krane said.For a firm like 4Front, which seeks to purchase many licenses in states with legal marijuana to build a network of dispensaries, each new license means more equity dilution, according to Krane."We all own less of our company then we would have owned if we had access to traditional banking and lending," Krane said.For well-connected and well-capitalized companies like 4Front - which is composed of Wall Street veterans - this is a surmountable problem.<div class="KonaFilter image-container display-table"><div><div class="image on-image">Spencer Platt/Getty ImagesBig institutions aren't lending to the marijuana industry - yet.</div></div></div><h2>A lack of institutional lending hurts small business owners the most</h2>Where it really hurts, according to Krane, is with the "mom-and-pops" and small businesses. In states like Massachusetts, which allocate a certain percentage of their dispensary licenses to "equity applicants," who are below certain income thresholds or who may have a past drug conviction, the lack of access to lending puts these license holders at a disadvantage."They're going to wind up owning substantially less than their well-capitalized counterparts," Krane said. Like 4Front, these applicants will be forced to rely on private investors to finance their dispensary, instead of banks.These applicants, who may not have relevant management experience and who may be less connected to networks of high-net-worth investors, can get taken advantage of by private investors.It puts equity applicants and small business owners in a position where "it's almost impossible for them to keep majority control of their company," Krane said, "because they don't have that access to institutional lending where they could just get a loan and do this on their own and keep a larger chunk of that business."Hudak agrees. "For those without access to liquid capital, they are forced to recruit more investors than a traditional business would need," which means they'll end up losing more control of their operation. <h2>Institutions 'want to be at the table'</h2>Right now, the only way for cannabis companies to get institutional money is to <a href="https://www.businessinsider.com/medmen-is-going-public-through-a-reverse-takeover-2018-4">tap into public markets</a> in Canada, where marijuana is set to be legalized federally in October. But US institutions want the "upside" of what's going on in Canada, Cochran said - especially as bigger public cannabis companies in Canada see their valuations soar as they go on <a href="https://www.businessinsider.com/marijuana-aurora-medreleaf-merge-in-a-2-billion-deal-2018-5">acquisition sprees</a>. "There's a lot of institutional money in the state that wants to be at the table," Cochran, the CEO of Loudpack said.Senators Cory Gardner and Elizabeth Warren have introduced the bipartisan STATES Act, which would essentially provide an exception from the Controlled Substances Act for states that choose to legalize marijuana, allowing banks to lend to the industry. President Donald Trump indicated that <a href="https://www.businessinsider.com/trump-likely-to-sign-bill-protecting-states-with-legal-marijuana-2018-6">he'd support the legislation</a> if it crossed its desk. "The STATES ACT could theoretically solve the banking issue," Krane, of 4Front said. "But it won't solve all of our problems."Until then, the cannabis industry will have to remain adaptable - and creative. <h2>Read more of Business Insider's marijuana industry coverage:</h2><ul><li><a href="https://www.businessinsider.com/marijuana-industry-rising-investment-stars-2018-3">The rising stars of marijuana's investment scene that everyone from Wall Street to Silicon Valley should know</a></li><li><a href="https://www.businessinsider.com/marijuana-industry-rising-investment-stars-2018-3"></a><a href="https://www.businessinsider.com/highest-valued-marijuana-companies-insights-industry-2018-3">The highest-valued marijuana companies of 2017 reveal 2 key insights about the booming industry</a></li><li><a href="https://www.businessinsider.com/big-short-trader-marijuana-is-the-big-long-2018-6">One of the hedge funders behind 'The Big Short' says betting on marijuana is the 'big long'</a></li><li><a href="https://www.businessinsider.com/marijuana-private-equity-fund-manager-investments-2018-6">A top cannabis private equity fund manager reveals how he picks companies to invest in</a></li><li><a href="https://www.businessinsider.com/molson-heineken-constellation-dive-into-marijuana-beverages-2018-8">Beer giants like Heineken and Constellation Brands are duking it out in the billion-dollar market for marijuana-infused drinks</a></li></ul> <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/how-tick-bite-can-make-you-allergic-red-meat-2018-8">One bite from this tick could ruin red meat for the rest of your life</a></h3> <div> </div> </div>

You Searched For "federal bank institutional investors" and got 12 results

Federal Bank raises ₹3,099 crore via qualified institutional placement

PTI

Big asset managers like BlackRock are sitting on the sidelines of the $75 billion US marijuana industry because of one big pain point, and fixing it could inject billions into the rapidly growing sector

Jeremy Berke

RIL, Infosys and 8 other stocks that domestic investors bought heavily in Q2

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BNY has quietly started working with a marijuana ETF - and it's about to be the first major bank to help the world's largest funds invest in the booming industry

Jeremy Berke,Meghan Morris

'Shark Tank' investor Kevin O'Leary says the demise of regional banks has begun after the US set a bad precedent in protecting 'incompetent' SVB management

Carla Mozée

Sensex jumps over 150 pts; Nifty above 11,950

PTI

Federal marijuana prohibition has opened a short window of opportunity for investors willing to stomach the risk

Business Insider

QIP fundraising shines, cos garner Rs 50,200 cr in 2023

PTI

Federal marijuana prohibition has opened a short window of opportunity for investors willing to stomach the risk

Jeremy Berke

Rupee falls 7 paise to close at 81.81 against US dollar

PTI

Biden says taxpayers won't bail out Silicon Valley Bank and the people responsible for its collapse will be held accountable: 'No one is above the law'

Sindhu Sundar

Marijuana startups handling millions of dollars are forced to hide cash and use secure vaults because they're shut out of the banking system

Jeremy Berke

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