Bob Rae, Canada’s ambassador to the United Nations, has sold his financial interest in marijuana after a sharp downturn in the sector. Across Canada, a total 24 cannabis retailers, wholesalers and distributors filed for bankruptcy protection last year, according to Blacklock's Reporter..“I no longer have an interest in Amber Canada,” Ambassador Rae wrote in a year-end filing with the Ethics Commissioner. Amber Canada of Brockville, ON, did not respond to an earlier interview request..Rae was among only a handful of public office holders to invest in the business after Parliament legalized recreational marijuana in 2018. The former Liberal MP said he had a “nominal interest” in the cannabis retailer, but did not elaborate..Neither Rae nor Amber Canada management clarified whether the Ambassador held the marijuana investments when he publicly advocated for more support for the cannabis industry. Rae in a July 11, 2019 post on his Twitter account said, “Canada (is) losing competitive advantage in cannabis research and product development that should have followed from the legalization decision. Valuable time and opportunities (are) being lost.”.Corporate casualties in the subsequent collapse of the retail industry included Eve & Co. Incorporated of Strathroy, Ont. Liberal MP Yasir Naqvi (Ottawa Centre), parliamentary secretary for emergency preparedness, was a director of the firm..Eve & Co. did not disclose payments made to Naqvi as a company director. Naqvi is a former Ontario attorney general who oversaw the launch of the province’s marijuana retail sales program under Bill C-45 An Act Respecting Cannabis..Another prominent cannabis investor, Ian McKay, former national director of the Liberal Party, was subsequently appointed by cabinet as the $231,000-a year CEO of Invest in Canada Hub. McKay in 2019 was censured by the Ethics Commissioner for failing to disclose his directorship at Nesta Holding Co., an Ottawa cannabis company. Cabinet in 2021 reassigned McKay as Canada’s ambassador to Japan..Federal managers were cautioned against investing in marijuana. The Department of Health in 2019 Access To Information memos cautioned its managers to avoid any dealings in the trade. “The possibility of post-employment conflict of interest for its employees, whether willful or accidental, is high,” said one memo..“Public servants are expected to uphold the Values And Ethics Code For The Public Sector,” wrote managers. “A new emphasis has been placed on conflict of interest as it relates to employees in not only the Cannabis Legalization and Regulation Branch but potentially all Health Canada employees involved in the department’s regulatory function.”.A Policy On Conflict Of Interest And Post-Employment forbids health department executives from taking appointments with any company they regulated for one year from leaving office. “It is important to note that to date the public service post-employment limitation period has never been enforced in a court of law,” said a Memorandum To The Deputy Minister.
