January 24, 2018 / 11:03 PM / a year ago

MOVES-Canaccord Genuity names new head of U.S. cannabis investment banking

Jan 24 (Reuters) - Canaccord Genuity, the capital markets division of Canaccord Genuity Group Inc, on Wednesday appointed Shannon Soqui as managing director and head of U.S. cannabis investment banking, expanding its presence in United States.

Soqui, who will be based in San Francisco, most recently served as partner and head of cannabis investment banking at Ackrell Capital.

The appointment comes on the same day as Canada’s No. 2 marijuana producer Aurora Cannabis Inc agreed to buy smaller rival CanniMed Therapeutics Inc for C$1.1 billion ($852 million).

While several U.S. states have legalized cannabis for medical or recreational use, it remains illegal at the federal level.

Vermont earlier this week became the ninth U.S. state and third in the Northeast to legalize recreational marijuana use.

Reporting by Diptendu Lahiri; Editing by Bernard Orr

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