02:41:12 EDT Fri 29 Mar 2024
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Globe says CSE's garden grows lots of weeds

2017-12-12 07:51 ET - In the News

Also In the News (C-X) TMX Group Ltd

The Globe and Mail reports in its Tuesday edition that in 2014 the federal government unveiled new rules for the commercial-scale growth and sale of medical marijuana. The Globe's Christina Pellegrini writes that a wave of new cannabis companies applied to Health Canada for licences to produce the drug. Start-ups needed money, but banks would not lend and TMX Group refused to list their shares unless they had a licence. Enter the Canadian Securities Exchange. Three years later, the "C" in its name might as well stand for cannabis. Fifty-three of its 352 listings, or 15 per cent, are marijuana companies. Those stocks accounted for nearly 65 per cent of all the trades it handled in November. Now, CSE and its chief executive officer, Richard Carleton, have been handed another chance to grow by its biggest rival. In October, TMX formally banned marijuana firms with assets in the United States, where the drug is legal in some states but illegal at the federal level. Companies deemed to be violating U.S. federal law are prohibited from listing their shares on the Toronto Stock Exchange and the TSX Venture Exchange. Both markets say they will delist any found to be offside their rules.

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