Global M&A trends and risks
Powerful new forces shaping in the M&A landscape
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Global | Publication | June 2018
Canada has introduced legislation providing a framework for regulated access to legal cannabis for recreational use. The proposed Cannabis Act1 provides for oversight of the legal cannabis industry, with the federal government establishing licensing and authorisation requirements for production, packaging and labelling, and provincial/territorial governments overseeing distribution and retail sales. It is widely expected the Cannabis Act will come into effect by July 2018. In anticipation of the legalisation of cannabis for recreational use, the provincial/territorial governments are also introducing new legislation to regulate, among other issues, its distribution and retail sale.
Elif Oral from our Quebec City presents an overview of just some of the issues facing the insurance industry as recreational cannabis becomes legal.
An Act respecting cannabis and to amend the Controlled Drugs and Substances Act, the Criminal Code and other Acts (Bill C-45).
Of note on this issue, provincial insurance legislation in Alberta, British Columbia and Manitoba has included the “innocent insured” exception as a legislative provision and limits fire exclusions by preventing fire coverage from being excluded except as specifically identified in its regulations. These regulations do not include an exclusion for a grow operation, only an exclusion for a criminal act that was “intended to bring about the loss or damage.” As the insured does not typically intend to burn down the house through a grow operation, in Alberta, British Columbia and Manitoba, it is more likely than not the “Grow Operation” exclusion and even the “Criminal Activity/Act” exclusion would most likely not apply in cases where there was an accidental fire loss, regardless of a causal connection between the grow operation and the loss.
Nina Varumo is a freelance portrait and documentary photographer based in Stockholm. A recent project of hers Kvinnor till sjöss (‘Women at sea’) is on ongoing photo series highlighting the working life of female seafarers in order to change the stereotypical image of what and who is a seafarer.
Companies have been publicly reporting on their financial performance for over a hundred years. However, they are increasingly having to make public non-financial disclosures relating to sustainability and environmental, social and governance (ESG) matters as a result of rules, laws and regulations issued by stock exchanges, governments and regulators worldwide.
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