March 28, 2017
The federal government recently disclosed that the expected date to legalize recreational marijuana will be by July 1, 2018, with a bill anticipated to be in place before April 20 of this year. The potential timeline gives some clarity to businesses, lawyers and their clients who are already preparing for the upcoming changes to the market. Legal Feeds Blog sought partners Cheryl Reicin and Eileen McMahon, experts in life sciences, drug regulatory and corporate law, for their insights regarding the developing market. Below is an excerpt from the article.
Cheryl Reicin, chair of the life sciences group at Torys LLP, says they are seeing a lot of influx of financing from the United States and Israel.
“You know there’s been a tsunami of financing, and [you] just see that heating up, because some of the uncertainty will be going away,” says Reicin, who is based in the firm’s Toronto and New York offices.
Eileen McMahon, who leads the drug regulatory and IP practice in Torys LLP’s Toronto office, says a task force that looked at cannabis legalization led to important recommendations that industry watchers were expecting to be implemented. She says Canada is “setting the benchmark for how this might evolve in other countries, as well.”
“I would say that is not surprising that this is happening so quickly, because we know that representatives of the federal government have been working in the evenings to get this done,” she says. “So they have really been striving to meet the Prime Minister’s objective of introducing the draft legislation this spring, and we’ve actually seen that as we work with them on various issues.”
To read the full article, click here.
To learn more about the emerging trends in the cannabis industry, read our insights here.