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Medical Cannabis Companies Allowed To Enter London Stock Market | Business

 


Medicinal cannabis companies have been cleared by the UK financial regulator to float on the London Stock Exchange, but companies that sell marijuana to recreational users will still be banned.

The Financial Conduct Authority has said companies that cultivate and sell cannabis for recreational purposes, even in countries like Canada where it is legal, cannot register in London due to the Proceeds of Crime Act. Income from the sale of cannabis and cannabis oil outside the UK could constitute criminal property under the law, as it covers conduct abroad that would constitute a crime if it occurred in the UK. United Kingdom.

But the regulator said UK medical cannabis companies could float in London, as could foreign companies, although they would have to convince the regulator that they should be allowed to do so due to the more nuanced legal stance.

The rules for foreign companies are complicated by the UK’s restrictive regulatory environment for medical cannabis, legalized in 2018. Cannabis growers need a Home Office license, while any import of the drug requires that patients get a prescription first.

The FCA said the regulations, which limit the extent to which medicinal cannabis is used in the UK, meant foreign companies could not automatically be granted the right to list in London, even if they only sold ‘a medical product. While businesses may be licensed to sell in other countries, that doesn’t mean they could get the same permissions from the Home Office, the regulator said.

For medicinal cannabis and cannabis oil companies with operations overseas, the company will have to convince us that their activities would be legal if carried out in the UK, the FCA said. We will also need to understand the legal basis of the company’s activities abroad, for example the nature of local licenses and the licenses the company holds.

Despite the complex position of foreign producers, the fast-growing cannabis industry should celebrate the clarity of the market regulator, which will help companies secure funding from new investors.

Nick Davis, Managing Director of Memery Crystal law firm, which counts cannabis companies among its clients, said: This is great news and expected for the medicinal cannabis industry in the UK, both for medicinal cannabis companies themselves, but also for patients, who still have to have easy access to the products they need.

Our company and a number of our clients have worked hard over the past few years to get medical cannabis companies admitted to the London markets. With more clarity from the FCA, we hope that investors will also support companies entering the market to move the industry forward.

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