Last week the US economy got clobbered by the biggest banking collapse since 2008 when the parent of Silicon Valley Bank, SVB Financial Group (NASDAQ: SIVB) failed to raise enough capital to continue. It's now being shopped around by bankers. The news came on the heels of SVB’s attempt to sell $1.25 billion in common shares and another $500 million of convertible preferred shares.

Shortly after, US regulators tried to take matters into their own hands and protect the nation’s banking system by closing down New York-based Signature Bank (NASDAQ: SBNY), which was the third financial institution to shut down in the recent period, following Silicon Valley Bank and Silvergate Capital Corp (NASDAQ: SI).

How are these financial storms affecting the cannabis industry?

At the first glance, many would assume not significantly given that the industry does not have access to capital via financial institutions such as banks due to marijuana’s status as a Schedule 1 substance.

But, is it really that simple?

Some cannabis finance experts say it's not, and that indeed the industry will be affected. Morgan Paxhia, who co-founded along with his sister Emily Paxhia the Poseidon Investment Management in 2013, said that even though SVB is not known for funding cannabis companies, it has provided services to ancillary businesses, writes Green …

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