Buying a Marijuana ETF Gets Harder as Custody Shift Spooks Banks

U.S. investors could have a harder time buying into the pot stock rally because of a technical snag at one of the biggest cannabis exchange-traded funds.

Bank of America Corp. and Credit Suisse Group AG, two major banks that facilitate large purchases of the ETFMG Alternative Harvest ETF, which goes by the ticker MJ and owns pot producers, ceased accepting orders that require them to create new shares in the fund, according to people familiar with the matter. The banks made the move after MJ stopped using U.S. Bancorp as its custodian, the people said, asking not to be identified because the details are private, with one citing operational and settlement risks for the halt.