ISLAMABAD, Oct 8 (APP): The Securities and Exchange Commission of Pakistan (SECP) and the Cannabis Control and Regulatory Authority (CCRA) have established a coordinated regulatory framework for companies operating in Pakistan’s emerging medicinal and industrial cannabis sector.
Under the framework, companies seeking to include cannabis-related business objects in their memorandum of association will require a No Objection Certificate (NOC) from CCRA before incorporation, said a press release issued by the SECP here on Thursday.
The framework has been formalized through a Memorandum of Understanding (MoU) signed by Mr. Muzzafar Ahmed Mirza, Commissioner, SECP, and Mr. Asif Haroon, Director (Operations/Licensing/Vigilance), CCRA. Dr. Kabir Ahmed Sidhu, Chairman, SECP, and Major General (Retd.) Zafarullah Khan, HI(M), Director General, CCRA, were present at the signing ceremony, along with senior officials of both organizations.
Under the arrangement, companies may reserve their proposed name with SECP; however, incorporation will be subject to obtaining an NOC from CCRA where cannabis-related objects are proposed. The requirement will also apply throughout the company’s subsequent operations. Any change in the company’s principal business objects, directors or shareholding will require a fresh NOC from CCRA.
Dr. Kabir Ahmed Sidhu, Chairman SECP, said, “The framework establishes a clear regulatory pathway for companies entering the medicinal and industrial cannabis sector, while ensuring that incorporation remains aligned with the sector-specific requirements of CCRA. This coordinated approach will help bring greater clarity to businesses operating in this emerging sector.”
SECP will continue to oversee corporate registration and related compliance, while CCRA will remain responsible for sector-specific licensing and regulatory requirements.
Source: APP (Associated Press of Pakistan)
