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High return, high risk? AML risks arising from investment in the cannabis industry

The prospective relaxation of cannabis regulations in jurisdictions around the world offers opportunities for investment for UK businesses. However, investors should be wary of potential exposure under UK anti-money laundering (“AML”) legislation and consider taking appropriate safeguarding actions prior to any transaction. Pot luck: cannabis law in different jurisdictions In the UK, it is a criminal offence to produce or supply cannabis under the Misuse of Drugs Act 1971, punishable by up to 14 years in prison and/or an unlimited fine. There is a limited exception relating to supply for certain medicinal purposes which may be supplied under licence. However, there is an emerging global trend towards looser cannabis regulations. In 2018, Canada legalised the production and supply of cannabis for recreational purposes under the Canadian Cannabis Act (production and supply for medicinal purposes has been legal in Canada since 2001). Other developed jurisdictions are expected to follow suit in the coming years. Proceeds of Crime Act 2002 A discrepancy between…

UK Focus: Cannabis-based Drug for Childhood Epilepsy Approved for Use in the UK

Less than one year since medical cannabis was legalised in the UK and just two months since the first medical cannabis clinic opened in London (as reported in our last blog post), a cannabis-based drug has been approved for use in the UK. Its approval may herald the acceptance of cannabis-based drugs into mainstream medicine across the country. What is Epidyolex? Epidyolex is a cannabis-based medicine for children suffering from Epilepsy. Cannabis-based drugs contain cannabidiol (CBD) which is one of the components of marijuana. According to the World Health Organization, “there is no evidence of recreational use of CBD or any public health related problems associated with the use of pure CBD”.   According to publicly available information, Epidyolex contains none of the psycho-active component of cannabis, a compound called tetrahydrocannabinol. The US Food and Drug Administration (FDA) approved Edpidyolexfor use in the US in June 2018. Who is it aimed at? Epidyolex may help individuals suffering from seizures resulting from…

UK Focus: London’s first medical cannabis clinic opens to a waiting list

New private clinics offering medical cannabis in the UK The Medical Cannabis Clinic has revealed that it will be opening its flagship clinic in London, in Harley Street, this summer. The opening of London’s first such clinic follows the opening of Britain’s first medical cannabis clinic in Greater Manchester earlier in the year. As reported in the Guardian, Analytical Cannabis emphasises the importance of this for those suffering from conditions such as chronic pain, epilepsy and neurological and psychiatric disorders who have long been seeking access to what they hope is a transformative medicine. Access is clearly in demand from Londoners as there is already a waiting list of 150 patients at the London clinic ahead of its opening. Background to the legalisation of medical cannabis in the UK The opening of private cannabis clinics in the UK is in response to the British Home Office making medicinal cannabis legal from 1 November 2018, reclassifying it from Schedule 1 to Schedule…

Cannabis Law Update in Select European Countries

Throughout Europe, cannabis remains broadly illegal and, in most European countries, selling the plant is a criminal offense. However, many countries have adopted their own laws to permit cannabis purchases, sales, and use for medicinal purposes. The current state of European law is similar to the United States – each country (state) has taken its own path to legalize aspects of cannabis, resulting in a complex regional set of laws and rules that apply to the cannabis business. Fortunately for companies doing business in Europe, unlike in the United States, there is no overarching federal criminalization of cannabis that creates federal-local law conflicts. Throughout Europe, cannabis remains broadly illegal and, in most European countries, selling the plant is a criminal offense. However, many countries have adopted their own laws to permit cannabis purchases, sales, and use for medicinal purposes. The current state of European law is similar to the United States – each country (state) has taken its own path to…