June 22, 2017
Vancouver-based and Nevada-licensed marijuana producer Friday Night Inc. broke ground by listing on the Canadian Securities Exchange (CSE) last week. The listing allows Friday Night to grow and sell marijuana in the U.S. market, where marijuana companies are barred from listing on their own public stock exchange. Friday Night’s debut on the CSE was welcomed with a rapid share increase, suggesting “there is significant investor interest in companies with U.S. state licences to cultivate cannabis.”
Partner and life sciences expert Cheryl Reicin commented on how the unclear U.S. cannabis laws can be expected to feel the effects of legalization in Canada as a result of company action like Friday Night’s, which is “the first pure-U.S. play publicly listed in Canada.” Below is an excerpt from the Financial Post article.
The TMX is feeling pressure to write a clearer policy on U.S. investments because it has seen a number of Canadian companies make investments in the U.S. even as it has prevented U.S. companies from listing, said Cheryl Reicin, an attorney at Torys LLP.
“They really need to figure that out because it’s now blurring.”
To read the full article, click here.