fbpx

Listings of cannabis-related businesses

While medicinal cannabis was legalised in the UK in 2018, investment in overseas-licensed medicinal cannabis businesses remains a legally complex area. We consider that there remains a risk that the proceeds from overseas medicinal cannabis business may constitute ‘criminal property’ for the purpose of the Proceeds of Crime Act 2002 (PoCA). This includes where the company possesses a licence issued by an overseas medicines or pharmaceuticals licensing authority.

This is because PoCA defines ‘criminal conduct’, the key definition under the Act, deliberately broadly. It captures not only an offence in any part of the UK but also any conduct outside of the UK which would be criminal in the UK if carried out here. Possessing and supplying cannabis for recreational use remains a criminal offence in the UK. If a pharmaceutical company supplied cannabis in the UK without appropriate Home Office licences, they would be committing a criminal offence. We can’t assume a person who has been licensed in an overseas country would receive a licence here in the UK as licensing regimes differ globally.

Recreational cannabis companies

The proceeds from recreational cannabis companies, even when they are located in those jurisdictions that have legalised it, are proceeds of crime under PoCA. We would therefore not admit the securities of such a company to the Official List.

UK-based companies

The legal position of purely UK-based medicinal cannabis companies and cannabis oil companies is clear. UK-based medicinal cannabis companies can be admitted to the Official List, if the company has the appropriate Home Office licences for their activities where they are required.

Overseas companies

Overseas-licensed medicinal cannabis companies and cannabis oil companies are in a different position. These companies may be admitted to the Official List, provided we are satisfied PoCA does not apply and they otherwise satisfy the criteria for listing. Before they are admitted, we will carry out a review of their case where they will need to satisfy us as to the PoCA risk.

For medicinal cannabis and cannabis oil companies with overseas activities, the company will need to satisfy us that their activities would be legal if carried out in the UK. We will also need to understand the legal basis of the company’s overseas activities, for example the nature of the local licensing and the licences the company holds.

Copyright

© FCA

Bursa Malaysia Derivatives Re-launches the 5-year ...
Ex Dividend 21/09/2020
 

By accepting you will be accessing a service provided by a third-party external to https://chatpips.com/

 
     
 

Broker Search

Latest Spot Rate

 
29 October 2020
Investors give US dollar a thumbs-up - MarketPulseMarketPulse Home/Central banks/FX/Newsfeed/US election Share 0 Haven buying propels the US dollar higher The greenback enjoyed a robust overnight session as investors rotated out of G-10 currencies an...
29 October 2020
Equity markets are resilient in Asia - MarketPulseMarketPulse Home/COVID-19/Indices/Newsfeed/US election Share 0 US markets slide on election, Covid-19 concerns Led by Europe, Wall Street was crushed overnight by US election and Covid-19 fears, erodi...
29 October 2020
Sell, Mortimer! Sell! - MarketPulseMarketPulse Home/Brexit/Central banks/COVID-19/FX/Indices/Metals/News events/Newsfeed/Oil/Trade war/US election Share 0 Europe equity markets slide on German, French lockdowns The blue wave trade became Moody Blue o...
29 October 2020
: ESMA – Public Statement ‘European common enforcement priorities for 2020 annual financial reportsOriginal link...
29 October 2020
Good day! We hope you had a good result in the earlier trading session. Let's recap some activities that happened in today's Thursday economic recap. SymbolBiasQuick RecapWTI Crudedropped -0.59%. Last traded price at 37.33EURUSDrose 0.05%. Last trade...
How It Works | About | Contact | Contributors | Privacy Policy | Advertise
© 2009 - 2020 ChatPips. All Rights Reserved. Terms of Use: The content on this website is solely for educational and informational purposes and is not a substitute for official documentation of the original owners. Daily economic news is provided by third-party website. This site is not operated by, sponsored by, endorsed by, or affiliated with any parties in any way. The website owner, the authors, the publishers, and all affiliates of ChatPips.com assume no responsibility or liability for your trading and investment results. You should always check and confirm with several sources with your licensed financial advisor and tax advisor to determine the suitability of any investment before making your final decision. Your continued usage and browsing of information on this website constitute your agreement to this Terms of Use. If you do not agree, please do not proceed to use this website. Brokers Directory: The companies license information were obtained from respective local jurisdiction. All other company and/or product names are trademarks and/or registered trademarks of their respective owners.