Cannabis Regulations — 241
Record of key investors 241 (1) A holder of a licence for cultivation, processing or sale must maintain a record that contains the following information in respect of each key investor: (a) the key investor’s name and mailing address; (b) a detailed description of the means by which the key investor exercises, or is in a position to exercise, control over the holder; (c) details regarding the transaction by virtue of which the key investor became such an investor, including (i) if they provided money directly or indirectly to the holder, the amount provided, the date on which it was provided and the terms and conditions under which it was provided, and if the money was provided in the form of a loan, the interest rate and term, and (ii) if they provided goods or services directly or indirectly to the holder, a description of the goods or services, their fair market value at the time they were provided, the date on which they were provided and the terms and conditions under which they were provided; (d) details regarding each instance in which the key investor provides money, goods or services directly or indirectly to the holder, including (i) in the case of money, the amount provided, the date on which it is provided and the terms and conditions under which it is provided, and if the money is provided in the form of a loan, the interest rate and term, and (ii) in the case of goods or services, a description of the goods or services, their fair market value at the time at which they are provided, the date on which they are provided and the terms and conditions under which they are provided; (e) details regarding any benefit that the key investor receives from the holder as a result of (i) having provided money, goods or services to the holder, or (ii) holding an ownership interest or other right or interest in, or in respect of, a business operated by the holder or, if the holder is an organization, in or in respect of the organization; and (f) details regarding each instance in which money is repaid or goods are returned to the key investor, including (i) in the case of money, the amount repaid and the date on which it is repaid, and (ii) in the case of goods, a description of the goods, their fair market value at the time they are returned and the date on which they are returned. (g) [Repealed, SOR/2025-43, s. 66] (h) [Repealed, SOR/2025-43, s. 66] (i) [Repealed, SOR/2025-43, s. 66] Exception — published market (2) Subsection (1) does not apply to a holder that (a) is an organization whose equity securities are, or a class of those securities is, listed on a published market; or (b) is wholly owned by an organization whose equity securities are, or a class of those securities is, listed on a published market. Exception — key investors before issuance (3) The holder is not required to include the information referred to in paragraph (1)(c) in respect of a key investor that became such an investor before the day on which the licence was issued. Exception — continued licences (4) If the licence has been continued in force by virtue of subsection 158(1) of the Act, the holder is not required to include the information referred to in paragraph (1)(c) in respect of a key investor that became such an investor before the day on which these Regulations come into force. Requirements regarding content (5) The holder must not delete any information from the record and must indicate the effective date of the event in respect of which new information is added to the record. Former key investors (6) For greater certainty, the information that has been included in the record in respect of a key investor must continue to be retained in the record even if the person ceases to be such an investor. Annual reporting (7) The holder must, no later than January 31 in any given year, provide the Minister with (a) a copy of the record; and (b) if any person ceased to be a key investor during the previous calendar year, a document containing details r