As Pot Craze Sweeps Canada, Largest Exchange Debates US Policy

Canada’s stock market has been ablaze with reefer madness, but the country’s largest exchange is grappling with how to deal with pot companies that have investments in the U.S., where marijuana is still banned by federal law.

There could be more certainty soon, according to Vic Neufeld, the chief executive officer of licensed producer Aphria Inc. TMX Group Ltd., the parent company for sister bourses Toronto Stock Exchange and TSX Venture Exchange, has held several conversations with Aphria and is probably “very close” to making a policy announcement, Neufeld said.

TMX is in a predicament because on the one hand many of the Canadian producers that investors have fallen in love with are increasing their U.S. footprint or are making plans to do so. But at the same time, the exchange mandates that all listed companies are expected to comply with relevant laws and regulations in the jurisdictions in which they



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