A GUERNSEY company investing in the development of marijuana for medical purposes in Canada has had to seek legal advice on how it can treat any financial return from the investment being realised in the island.
Guernsey-based FastForward Innovations, a venture capital firm which favours technology and digital, biotechnology and pharmaceuticals for investments, has backed Nuuvera Corp, a new company focusing on medicinal marijuana opportunities in Canada under licence from the Canadian government, with C$3m.
As with the UK, and a growing number of countries, Canada currently permits, on prescribed conditions, the possession and production of marijuana and other authorised derivative products by licensed producers under the Access to Cannabis for Medical Purposes Regulations. All sales require medical documentation as set out in the ACMPR.
Lawyers from Collas Crill were involved in an international team advising FastForward, with the local firm specifically looking at the application of Guernsey laws on such an investment.
‘The legalisation of a number of drugs for either medicinal or recreational usage is a growing trend worldwide and different countries are approaching how they regulate, or don’t regulate, this in different ways,’ said Collas Crill group partner Wayne Atkinson.