Regulator agrees to float of UK firms but recreational suppliers still banned
Medicinal cannabis companies have been cleared by the UK’s financial regulator to float on the London Stock Exchange but firms that sell marijuana to recreational users will still be banned.
The Financial Conduct Authority said businesses that grow and sell recreational cannabis, even in countries such as Canada where it is legal, cannot list in London because of the Proceeds of Crime Act. Income from the sale of cannabis and cannabis oil outside the UK could constitute “criminal property” under the act, because it covers conduct abroad that would constitute a crime if it happened in the UK.
Related: Cannabis capitalism: who is making money in the marijuana industry?
