TORONTO—Canaccord Genuity’s third-quarter earnings got a major lift from a flurry of deals in the Canadian cannabis sector, which helped the investment bank see its net income rise more than 500 per cent year-over-year. The investment bank was also kept busy by growing interest in blockchain, participating in transactions for firms such as Global Blockchain Technologies. But financing activity was particularly brisk in the cannabis sector as firms raised cash to gear up for the legalization of the drug for recreational use in Canada later this year. Daviau said Wednesday that Canaccord is “happy” the big banks want to enter the sector. He also noted that most of the money Canaccord makes in the cannabis sector comes from “helping little companies grow to be very big companies.”“We don’t pursue bank competition in that area,” he said.

Source: thestar February 07, 2018 19:07 UTC