Aphria Inc. APHA

Aphria, which is headquartered in Ontario, produces and sells medicinal and recreational cannabis. The company operates through retail and wholesale channels in Canada and internationally. Aphria is a main distributor of medical cannabis to Germany and has operations in over 10 countries outside of Canada. However, it does not have exposure to the U.S. CBD or THC markets due to the constraints of federal prohibition. It has some U.S. exposure through the acquisition of SweetWater, a craft brewer

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Aphria Inc.

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Comment by Montevialeon Aug 19, 2017 2:52pm

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Post# 26599816

RE:RE:TMX - risk disclosure vs institutional risk

GoBlue, spoken like a true lawyer. You sure you're not a lawyer.

I believe we are in agreement.

The TMX owns the TSX, TSXV and CDS. Same ownership of all three entities. So when I cited the TMX, I should have clarified that I was referring to CDS entity.

I agree with you that the TSX and TSXV's position are clear and there is "No need for specific cannabis policy" as per CEO on BNN last week.

You make a valid point and one I hadn't thought of, "if the exchanges consider you in compliance with their issuer policy then the CDS is ok too." It is clear, unambigious, fair, easy to understand, simple and addresses the issue.

Demonstrates conclusively that you are not a lawyer.

M

GoBlue2016 wrote: Monte

i dont think a written policy will come from TMX. Their CEO said that the policy is same regardless of industry and is dealt with on a per issuer basis. No need for specific cannabis policy.

Thats why I FULLY BELIEVE we are in the clear on any delisting.

Might have a policy come out from CDS as they play across a spectrum of exchanges. But that will likely just state that if the exchanges consider you in compliance with their issuer policy then the CDS is ok too. They might then get various exchanges to codify that in bi lateral agreements with them. That would remove the CDS from potential legal action taken by a shareholder base against an exchange and flip liability firmly with the exchanges.

But given copious risk disclosure at issuer level on the risks of doing biz in US it would be very tough to have shareholder liability.

Just my non lawyer view at the situation.

GoBlue

Monteviale wrote: Has the TMX already made their decsion?

I am of the opinion that the policy decision on how marijuana companies listed in Canada with interests in the USA, where cannabis remains federally illegal, is more a risk disclosure issue than an institutional issue.

This comming Monday (August 21st) CannTrust, a Canadian licensed producer, which operates in both Canada and the US, recently had its prospectus approved by the Ontario Securities Commission and will begin trading on the CSE. This, if nothing else, is a strong indication as to what the underlying policy in Canada is.

The only thing left for the Canadian regulators to do is draft into policy what in reality they have been doing all along.