Regulatory upheaval under the Trump administration in the U.S. cannabis industry is providing Canadian companies with the chance to be global leaders. However, disagreement between the different gatekeepers of Ontario's financial markets may squander this opportunity.

In 2013, the U.S. Department of Justice under the Obama administration issued a memorandum indicating it would not enforce federal prohibitions on marijuana in states that authorized its use. This was referred to as the "Cole Memorandum" (after then-deputy attorney-general James Cole). It essentially allowed marijuana producers in certain states to operate their businesses despite the federal laws that technically made the production of marijuana illegal.

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