Carey Olsen has held a seminar on cannabis investment, clarifying the 'Information Notice' issued by the States of Guernsey.
The ‘Information Notice on Cannabis Cultivation and Production in Other Jurisdictions’ explains the legal precedent for when anti-money laundering legislation applies in regards to countries that have legalised it.
“The Information Notice certainly does open the gateway to wider cannabis investment, not just where it is cultivated for medicinal purposes,” said Carey Olsen Partner, Mark Dunster, who spoke at the firm's seminar.
“It is very helpful and a credit to the Guernsey Government that they listened to those in the finance industry.”
Pictured: Advocate Mark Dunster said the Information Notice clears the path for wider cannabis investment
Counsel Simon Florance and Senior Associate Luke Sayer explained to the 70-plus audience that while the Information Notice itself did not represent any official legislation or statute, it was providing those in Guernsey's finance sector with a clear direction.
"The issuing of the Information Notice was an unprecedented but welcome move," said Mr Florance. "In this developing area it is important that Guernsey sets the agenda and so the introduction of this policy approach is extremely helpful to the industry."
The position taken by the States of Guernsey in relation to cannabis investment follows the approval by the Assembly in June 2019 that businesses can grow and process cannabis in Guernsey for medicinal uses.
Mr Sayer, who has advised on licence applications for a range of businesses in this area since then, told the audience that it was an emerging sector but one the States of Guernsey was keen to ensure was developed with a highly regulated environment and abided by similar global standards elsewhere.
"The relatively recent modification to the relevant legislation in Guernsey has presented new opportunities for entities," he said.
"That change has been coupled with an open, cooperative and knowledgeable licensing committee. However, the licence process will be novel to almost all interested parties and accordingly needs to be carefully navigated to ensure maximum efficiency and legality."
Pictured top: As Guernsey develops a medicinal cannabis industry there are a number of legal issues to overcome.
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