Presentations - Inaugural Conference with Financial Institutions

Legislative Landscape

 The Cannabis Act was passed in June 2018 and came into force on October 17, 2018. This legislation creates a framework for legalizing and strictly regulating cannabis in Canada  Federal and provincial governments have different responsibilities in terms of oversight and licensing  Provincial distribution schemes vary across the country  It is important for us to transact only with legitimate and properly licensed Canadian cannabis entities

Canada

 Marijuana is illegal in the U.S. at the federal level (schedule 1 drug) , regardless of where and for what purpose it is used  Over half of the states in the U.S. have legalized the use of marijuana to some extent despite the fact that it remains federally illegal  The inconsistency between federal and state laws, and the uncertainty surrounding possible federal prosecution have resulted in the reluctance of financial institutions to bank this industry  As a result of the federal illegality, transactions with U.S. marijuana-related businesses (USMRBs) can be violations of U.S. money laundering laws  Preventing and detecting direct or indirect financial interactions with USMRBs is critical to our ability to mitigate U.S. AML risk

U.S.

Caribbean

 Several changes are taking place within the Caribbean regions and we will continue to monitor the legislation.