Toronto Stock Exchange Warns Companies with U.S. Marijuana Dealings
The group that manages the Toronto Stock Exchange are warning businesses with ties to the U.S. cannabis industry to make sure they are in compliance. The TMX Group advisedcompanies who are in violation of U.S. federal laws regarding marijuana could be delisted pending review.
Canada’s securities regulator coalition put out a press release Monday demanding that companies fully disclose the risks to their investors. Any business that isn’t fully compliant runs the risk of being delisted from the stock exchange.
Louis Morisset is the chairman of the Canadian Securities Administrators. He said in the release that “We expect issuers with marijuana-related activities in the U.S. to address the current legal and regulatory environment in their disclosures, including any risks that result from changes in the approach to enforcement of U.S. federal law.” The press release also cautioned that those in violation of U.S. federal law are also in violation of the Toronto Stock Exchange rules.
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