The Securities and Exchange Commission of Pakistan (SECP) and the Cannabis Control and Regulatory Authority (CCRA) have established a coordinated regulatory framework for Pakistan’s medicinal and industrial cannabis sector through the signing of a Memorandum of Understanding (MoU).
The MoU was signed by Muzzafar Ahmed Mirza, Commissioner, SECP, and Asif Haroon, Director (Operations/Licensing/Vigilance), CCRA. The signing ceremony was attended by Dr. Kabir Ahmed Sidhu, Chairman SECP, and Major General (Retd.) Zafarullah Khan, HI(M), Director General CCRA.
Under the new framework, companies intending to include cannabis-related business objects will be required to obtain a No Objection Certificate (NOC) from the CCRA before incorporation. The requirement will also apply where an existing company seeks to make subsequent changes to its principal business objects, directors or shareholding involving cannabis-related activities.
The SECP will oversee corporate registration and associated compliance matters, while the CCRA will remain responsible for sector-specific licensing, regulatory requirements and oversight of cannabis-related activities.
The coordinated framework is intended to provide businesses with a clearer regulatory pathway while strengthening institutional coordination between the two regulators. It also establishes a defined mechanism for ensuring that companies operating in the medicinal and industrial cannabis sector comply with both corporate and sector-specific regulatory requirements.
No comments:
Post a Comment