Aphria Inc. APHA

Summary of what just happened today....

[Monteviale]

1. CSA is regulatory body that oversees all trading commissions in Canada.
2. CSA trumps TMX on regulatory issues.
3. CSA issued staff notice 51-352 which outlines CSA staff's disclosure expectation for issuers that have, or are in process of developing, marijuana related activities in the U.S.
4. The TMX has not issued a press release refuting CSA notice or none that I have seen.
5. Employee statements dont constitue policy ( we saw this back in july when TSX employee stated, without any basis, that the CDS was going to halt trading of Canadian listed comapnies doing business in the U.S.
6. No mention anywhere today of CDS not clering trades.  (This issue was a non issue and no need to address it today). 
7. Expect a number of Canadian listed companies to announce in the coming weeks that they will be starting to do business in the U.S. (these companies will be required to make full disclosure to their investors on the risks of U.S. investments).
8. This is the clarity the industry needed.  
9. It might take a few days for investors to realize what just happened, but make no mistake about it, today's news is good news for long term Aphria investors.
10. This is exactly what Investors were saying two months ago, so long as risks are put to investors, than what is the issue?  Shareholders have to decide how much exposure they want to the federal vs state law debate in the US.
11. This is exactly what CD Howe Institute recommended.
12. CDA also mentioned that the staff notice put out today would be reviewed if and when the federal laws in the U.S. change.