RE: Interesting23 Jul 2019 09:03
Matador: It's just a legal grey area and companies will have to err on the side of prudence unless being reckless. Therefore FFWD wouldn't be able to carry on with the Yooya deal if Regent are heading down a wider cannabis product route.
"Under POCA criminal property includes anything which arises from:
- activity which is criminal where it occurs, if it would be criminal in the UK; or
- anything which, though legal in the place where it occurs, would (broadly) be criminal in the UK.
Accordingly, the production and supply of cannabis, or products in which cannabis, CBD or cannabinoids form an ingredient, will give rise to proceeds of crime, unless the product or production would be capable of being licenced in the UK.
Whilst we cannot be definitive, in most cases the products supplied or produced by the Canadian or US entities are unlikely to meet the stringent conditions for licence in the UK and so would not be lawful here. Any monies (including dividends) derived from such businesses would therefore constitute proceeds of crime under POCA."