What is everyone's take on mutual funds that are marijuana based?

If a customer of a bank that is also a customer of the Wealth Management/Trust/Investment services wants to invest in a mutual fund that is cannabis related would that fall under the MRB guidance and be subject to criticism/penalties from FDIC or other regulators?

Our bank policy states that we do not maintain accounts for MRBs (utilizing FinCEN's definition of MRBs), this would not be maintaining an account it would be a minor investment in an MRB mutual fund. Those products are not FDIC insured products and again, we are not maintaining any relationship with an MRB.

Your bank's role isn't clear to me, but any bank moving into this area within 3 weeks of the Cole Memo's rescission is indicating a lack of awareness. Your customer can buy into a mutual fund without involving you.

The investments are through our bank, and our WMG facilitated the purchase. These funds are part of the investment portfolio of our customer. Obviously as with any investments our bank will get a percentage of cost to maintain this customer's investment portfolio so we could minimally see income from this mutual fund.

I wouldn't sweat it if this is a self-directed account.

Thanks rlcarey, that is where we were going with it, but there is nothing out there as far as guidance around this, so I appreciate the opinion!