Here is the statement: https://www.cbp.gov/newsroom/speeches-and-statements/cbp-statement-canadas-legalization-marijuana-and-crossing-border This part: "Requirements for international travelers wishing to enter the United States are governed by and conducted in accordance with U.S. Federal Law, which supersedes state laws. Although medical and recreational marijuana may be legal in some U.S. States and Canada, the sale, possession, production and distribution of marijuana or the facilitation of the aforementioned remain illegal under U.S. Federal Law. Consequently, crossing the border or arriving at a U.S. port of entry in violation of this law may result in denied admission, seizure, fines, and apprehension." That's referring to a section of the act that carries a lifetime ban on admission to the US. Here is the act this is referring to: INA: ACT 212 - GENERAL CLASSES OF ALIENS INELIGIBLE TO RECEIVE VISAS AND INELIGIBLE FOR ADMISSION; WAIVERS OF INADMISSIBILITY Sec. 212. [8 U.S.C. 1182] (C) 2aCONTROLLED SUBSTANCE TRAFFICKERS- Any alien who the consular officer or the Attorney General knows or has reason to believe-- (i) is or has been an illicit trafficker in any controlled substance or in any listed chemical (as defined in section 102 of the Controlled Substances Act (21 U.S.C. 802)), or is or has been a knowing aider, abettor, assister, conspirator, or colluder with others in the illicit trafficking in any such controlled or listed substance or chemical, or endeavored to do so; or (ii) is the spouse, son, or daughter of an alien inadmissible under clause (i), has, within the previous 5 years, obtained any financial or other benefit from the illicit activity of that alien, and knew or reasonably should have known that the financial or other benefit was the product of such illicit activity, is inadmissible.
OP Did you even read that ???
What does it have to do with investing or stocks?
You are participating in and profiting from a criminal enterprise that trafficks in a controlled substance according to US federal law, which DHS considers supercedes the state law that legalized it
Can anyone confirm this? It says entering the US for the purpose related to illegal substance. Will investment in etf count as above?
Yes, if it's an ETF focused on cannabis companies in the United States. If it's an ETF focused on cannabis companies in Canada and your entry is unrelated to the investment then you are probably ok. The difference is the US companies are illegal under US federal law while the Canadian companies are legal under Canadian law. The fact that the US companies are legal under US State law is irrelevant to DHS, which is federal.
What if we sell it before re-entering?
Guess only citizens are allowed to get rich. Classic US :/
The last section of this article touches on the topic. Major investors or owners of cannabis companies entering the US on business would be denied entry. People owning cannabis stocks via mutual fund or ETFs are probably okay, as are cannabis industry employees entering for personal reasons. https://www.cbc.ca/news/politics/tasker-us-border-cannabis-1.4865431
That's for people who own CANADIAN cannabis stock. They are not violating any law in Canada and as long as their entry to the US has nothing to do with their Canadian cannabis business they haven't violated any US law either. If you own US cannabis stock you are an owner of a criminal organization engaged in trafficking controlled substances in the United States and that makes you inadmissible. That's because those companies are illegal under US federal law and exist only because the States have refused to enforce the federal law.
By your messed up logic all the trading platforms have facilitated illegal distribution of weed. So will they be prosecuted? What abt the SEC which didn’t object for the same ?? Stupid op
Call me stupid all you want. Let a CBP officer know that you are an investor in a US cannabis company and see what happens. Try it and report back to us. It's not my logic, it's DHS's logic, and whether or not you agree with it, it is the logic that they are in fact applying at the border and there are in fact people being denied entry. In fact I don't agree with it, but that doesn't matter: it is DHS's opinion that matters. In answer to your question because prosecution is a state matter and the states are refusing to prosecute no none of those entities will face prosecution. Nor will you as an immigrant investor face prosecution because the district attorney for your state will decline to bring charges. But that doesn't matter to DHS. The perspective DHS takes is that federal law lists marijuana in the list of controlled substances and anyone engaged in trafficking it in the United States is therefore inadmissible and removable.
Here is a case: https://www.theglobeandmail.com/cannabis/article-canadian-banned-from-us-for-marijuana-investments-seeks-waiver-to/ This guy was identified by CBP because he was quoted in the media as an investor in US cannabis companies, but the rule would apply to ANY foreign investor in US cannabis business. The only difference between him and most retail investors is that CBP wouldn't generally know what you have invested in, unless you tell them, or discuss it in the media or some public forum that enables them to identify you.
This is true. There is a white Canadian citizen who invested in weed stock got rejected at the border.
How did they find out?
I’ve known of a couple of Canadian citizens this happened to, so far Americans haven’t gotten stopped from coming home. I think behind the policy was a big FU from DOJ to Trudeau, as Canada is making $$ on evil weed. I suspect this will go away when STATES act passes.
It doesn’t say that.
Yes it does, updated the OP with details