CBD Fraud Case In UK, Canada Wants To Reduce Regulatory Burden On Weed Companies And More Global Updates

UK CBD Co. Shares On Pause As Two Execs Tried To ‘Defraud' It

The UK-based Chill Brands Group PLC CHLL opted to suspend the trading of its shares on the London Stock Exchange as its board members and executives are not on the same page, reported Hemp Today.

According to the company's Monday announcement two directors, Antonio Russo, chief commercial officer, and Trevor Taylor, chief operating officer attempted to "defraud" the business, prompting Chill Brands to launch an investigation into the matter.

The company claims the two executives seized the company's Chill.com website and transferred £314,000 ($400,000) to their private bank accounts in the United States. That move was not approved by the company's board of directors.

In an earlier announcement, the company said it halted trading to deal with "allegations that had been raised around the use of inside information" by CEO Callum Sommerton.

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Efforts To Legalize Weed In Australia Fail

In Australia, efforts to legalize the recreational use of marijuana are stalling, as a Senate committee recently rejected a measure that was introduced by Greens senator David Shoebridge, reported news.com.au.

The measure sought to make cannabis possession for personal use legal nationwide and also to set up a national agency tasked with regulating the growing of plants.

The lawmakers said their move was prompted by evidence provided by medical bodies such as the Australian Medical Association (AMA) that warned access to the plant would increase health risks.

"Ultimately, the committee is concerned that the legalization of cannabis for adult recreational use would create as many, if not more, problems than the bill is attempting to resolve," the report said.

Now read: Imported Medical Marijuana In Australia Not Tested For Quality, Canada’s Cannabis Industry Eager For Tax Cut & More

Canada Feds Want To Reduce Regulatory Burden Cannabis Businesses Face

The federal government in Canada is seeking to reduce the regulatory burden of the country’s cannabis companies, reported CTV News. That said, the lawmakers proposed a set of changes, ranging from packaging to reporting requirements that are slated to result in $41 million in annualized net benefits, according to Health Canada.

“Health Canada recognizes that there may be regulatory measures that could be made more efficient and streamlined without compromising the public health and public safety objectives,” the regulatory body said.

See also: It’s Time To Legalize Weed Say Voters In Slovenia, AKA ‘The Promised Land For Cannabis’