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You May Soon Not Be Able to Trade Canadian Pot Stocks With US Money
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BY JON HILTZ ON AUGUST 3RD, 2017 AT 8:53 AMBUSINESS, INTERNATIONAL NEWS
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Canada’s major stock exchange operator is considering a policy shift that would make it very challenging to trade shares of cannabis companies using U.S. assets. If this movie is adopted, it could disrupt the flow of millions of dollars into the Canadian marijuana industry.
Canadian Depository for Securities (CDS) is a clearinghouse which handles millions of trades per day and performs necessary tasks to execute transactions. Sources have reported that the CDS is considering a refusal to settle trades for Canadian cannabis firms with American investments.
The Canadian markets have attracted investors like bears to honey because of the impending adult-use legalization coming next year.
The concern is that there are some companies raising capital in Canada, but also conducting business in the United States. While Canada has a nationally legal medical marijuana system, as well as consumer pot on its way, the United States still outlaws all cannabis at the federal level.
Further concern has come over worries that the Trump administration will start enforcing U.S. federal drug laws in states that have, in varying degrees, legalized the use of cannabis.
Because of these challenges, the CDS is currently assessing potential liabilities regarding the use of American cash for any cannabis investment transactions. If the decision is made that there will be a halt on trades involving U.S. assets, then an alternative must be found.
“We’re going to have to find some other way for providing the clearing and settlement if we’re going to continue to trade those securities,” said Richard Carleton, the CEO of the Canadian Depository for Securities. “It’s not immediately obvious how that would happen,” he added.
At the moment, there are a number of Canadian cannabis stocks performing well. SmallCap Power just highlighted four particularly healthy companies to consider investing in. They include three major licensed producers, Canopy Growth Corporation, Organigram, and Aphria.
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ABOUT AUTHOR
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JON HILTZFacebookTwitterLinkedIn
Jonathan Hiltz has been a journalist, a TV producer and marijuana advocate for over sixteen years. He has a wife, two young children and lives in the Toronto area.
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4 COMMENTS
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JIM on AUGUST 3, 2017 10:25 AM
This will definitely affect tens of thousands of people throughout the USA, me included. Have a nice little stock portfolio with a few companies in Canada and if our own government here in the USA don’t get off their lazy (BIG PHARMA LOBBYIST DRIVEN) ASSES then there will be a lot of people loosing out in a win-win opportunity! This has got to be one of the worst US administrations in history!! Anyway I sure hope things work out for the best.
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BEN on AUGUST 3, 2017 11:25 AM
Did you read the article? I am not a fan of Trump. But if this happens it was Richard Carleton and the Canadian Depository for Securities that is to blame.
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DUNCAN20903 onAUGUST 3, 2017 4:34 PM
The POTUS is the person who gave AG Sessions his job. It’s his gratuitous political chest thumping that’s got people worried. Ironically that’s all he’s done to date on this issue. But boy has he scammed a lot of people into worrying about it. The sad part is that he just does not have the resources required to implement his jack booted thuggery.
It isn’t really hard to find a US stock broker to let you keep an account denominated in Canuckistani pesos and trade directly with the Canadian stock exchanges. Interactive Brokers and Fidelity appear to to be the top 2 but that’s just my opinion.
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BEN on AUGUST 3, 2017 12:07 PM
Did you read the article? I am not a fan of Trump. But if this happens it was Richard Carleton and the Canadian Depository for Securities that is to blame.
I doubt this will happen. This would be bad for everyone involved. It would hurt all shareholders US/Canadian alike, and it would hurt the cannabis companies.
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