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TORONTO — TD Bank would consider participating in cannabis sector financings after recreational marijuana becomes legal in Canada later this year, said its chief executive Thursday.

Bharat Masrani said to reporters after their annual meeting of shareholders that the Toronto-based bank views the federal legalization of pot for adult use as an “important data point.”

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Any potential cannabis client would be assessed on its merits but the bank would have to ensure that it did not have a presence in the U.S., where marijuana remains illegal on a federal level, he said.

“If it’s against the law, we will not of course be in that business. In Canada, it’s changing, and we will look at it greater detail,” Masrani said. “And where appropriate, we will see what we can do for some of our clients.”

The bank is continuing to study the industry to determine what are the key risks that the bank has to mitigate, he said.