Developments in Cannabis: "Bye Bye Cole", CSA Reconsiders, New Federal Regulatory Paper, Provincial Updates, and What to Watch for in 2018
|Area||Corporate and Commercial, Cannabis|
With the legalization of cannabis in Canada mere months away, business and regulatory developments relevant to the industry have continued at an accelerated pace. Most notably, the Government of Canada released a consultation paper outlining its proposed approach to cannabis regulation, with almost all of the provinces and territories detailing their proposed plans for the distribution and retail sales of legal cannabis. International developments have also gripped the Canadian market, with U.S. Attorney General Sessions rescinding the Cole Memoranda, an Obama-era guidance to prosecutors that favoured a hands-off approach to state cannabis regimes.1 In response to increasing uncertainty south of the border, Canada’s main stock exchanges and the provincial and territorial securities regulators (the “CSA”) continue to grapple with how to handle issuers with U.S. cannabis-related activities.