FCA has set out its views on how it is assessing applications for listing from cannabis-related companies.
It notes that, although medicinal cannabis has been legalised in the UK, there is a risk that the proceeds from overseas medicinal cannabis business may be the proceeds of crime for POCA purposes – for example if a supplier company does not have the appropriate licence. FCA notes it should not be assumed that a company with a licence elsewhere would receive a UK licence. Moreover, the proceeds from recreational cannabis companies are still proceeds of crime.
FCA says that purely UK based companies can be listed so long as the company has the appropriate Home Office licences for its activities. But for overseas companies, FCA will need to satisfy itself that POCA does not apply, which may mean requiring the company to satisfy it that its activities would be legal if carried out in the UK.