Offshore law firm Collas Crill has advised FastForward Innovations on its ability to invest in a Canadian company that will grow and supply marijuana for medicinal purposes under licence from the Canadian government.
Collas Crill formed part of the international team, led by Michael Corcoran at Hill Dickinson, advising FastForward on the application of various Guernsey laws to an investment in this fast-growing sector.
Based in Guernsey, AIM-listed company FastForward has invested CAD$3 million in newly incorporated company Nuuvera.
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 regulations.
Collas Crill's team included Group Partner Wayne Atkinson and Senior Associate Simon Heggs. Their advice covered the way in which Guernsey law would treat any return from this investment, in light of the interaction between the island's law in relation to marijuana production and the equivalent laws in Canada.