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The bank marked another first in March, when it was announced RBC Capital Markets was acting as “exclusive” financial advisor to pot producer Newstrike Brands Ltd., the target of a $263-million acquisition by HEXO Corp.

Major financial institutions have been cautious when it comes to cannabis, which is legal in Canada but still federally illegal in the United States.

In the meantime, the marijuana sector has been largely served by smaller independent investment firms, although Canadian lenders such as Bank of Montreal and Canadian Imperial Bank of Commerce have provided financing for the industry.

RBC signalled it would start making marijuana-related moves late last year, with the head of its capital-markets arm telling Bloomberg News the bank would be “selective in our approach.”

The bank also has a significant U.S. footprint, which CannTrust said factored into its decision-making.

CannTrust’s financing is being done simultaneously in Canada and the United States, a prospectus supplement showed. The company is listed on both the New York Stock Exchange and the Toronto Stock Exchange.

“CannTrust selected BofA Merrill Lynch, Citigroup, Credit Suisse Securites (USA) LLC and RBC Capital Markets to act as lead bookrunning managers for the offering to maximize distribution in the U.S. as the company is a recently listed issuer in that market,” the company said in an email.

Also acting as bookrunning managers on the CannTrust deal are Jefferies LLC and Canaccord Genuity LLC, the release said.