06:12:59 EDT Fri 26 Apr 2024
Enter Symbol
or Name
USA
CA



Globe says Ambrose deflects CEN controversy to SEC

2015-01-16 08:08 ET - In the News

The Globe and Mail reports in its Friday edition Health Minister Rona Ambrose is leaving the controversy over medical marijuana player CEN Biotech in the hands of U.S. regulators while the federal government sits on the sidelines. The Globe's Grant Robertson writes CEN Biotech has applied for a Canadian medical marijuana growing licence amid concerns about alleged misrepresentation, stock manipulation and falsified documents. Ms. Ambrose has refused to answer questions regarding the controversy, and her aids say any questions about the company should be addressed to the U.S. Securities and Exchange Commission. However, deputy Liberal leader Ralph Goodale said that policy is tantamount to exporting the oversight of a Canadian industry to a regulator outside the country. "The problems with this one company certainly raise questions about the integrity of the government's process," Mr. Goodale said. CEN Biotech is a unit of U.S.-based Creative Edge Nutrition, which is publicly traded on the loosely regulated U.S. over-the-counter market and is therefore outside the jurisdiction of the Ontario Securities Commission. Last year, CEN Biotech boss Bill Chaaban boasted of endorsements and pacts with Health Canada.

© 2024 Canjex Publishing Ltd. All rights reserved.