Wednesday, March 27, 2019 from 11:30 AM to 1:30 PM CDT
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Metropolitan Entertainment Centre by Canad Inns 
281 Donald Street
Winnipeg, MB R3C5S4

Driving Directions 

Event Schedule

11:30 — Arrive & Mingle
11:45 — Welcome call to be seated
12:00 — Lunch served
12:20 – 1:15: Panel Discussion
1:15 — 1:30 Q & A
1:30 — 1:35 CFA Society Winnipeg Closing remarks



Luncheon Pricing:


$  35.00

Members & Candidates

$  50.00


$  60.00

Table of 8 seats

$ 400.00






Eva Swan, Administrator, 
CFA Society Winnipeg 

The Business of Bud: 2019 Cannabis Industry Update 

Panelists: Dr. Al Rosen, Hardev Bains, John Arbuthnot, Mike Legary, Phil Cyrenne
Moderator: Rashid Islam

2019 Cannabis Industry Update

Last year cannabis was legalized in Canada, and south of the border the U.S. has enacted "legal" access to cannabis for over 50% of adults. What has this change meant for the investment industry so far? Is the next Budweiser, Jack Daniels, or Genentech just around the corner? What have the challenges and hurdles been? Major banks and investment companies continue to research this new gold rush aka the "Green Rush". There are both intriguing opportunities and great pitfalls. CFA Society Winnipeg has created this educational event to discuss the topic with recognized leaders on cannabis market research, investment, and regulation. Dr. Al Rosen, Hardev Bains, John Arbuthnot, Mike Legary, and Phil Cyrenne will provide industry insight and address questions relating to the future of the Cannabis industry. Come out on March 27, 2019 and be a part of the discussion.

Biography of Panelists & Moderator:

John Arbuthnot, CEO and Co-Founder, Delta 9 Cannabis Inc.

John is  the Co-Founder and CEO of Delta 9 Cannabis Inc., a vertically integrated and publicly traded Canadian cannabis company headquartered in Winnipeg. John has driven Delta 9's growth from its original 2 founders to over 200 employees today. Delta 9 is currently expanding its production capacity of dried cannabis to over 20,000 Kg/ year and rolling out a chain of Delta 9 branded retail stores. Over 2017 and 2018 John raised over $65 Million in capital and took Delta 9 public on the TSX Venture Exchange under the symbol NINE, becoming the youngest CEO of a publicly traded cannabis company. John is also the President of Delta 9's subsidiary retail chain, Delta 9 Lifestyle, he is a Director of Delta West LP, Delta 9's joint venture partnership with West Leaf Cannabis Inc., and is the outgoing Chairman of the Canadian Medical Cannabis Council, Canada's second largest cannabis industry association.

Hardev Bains, LLB, MBA, CFA, President & Portfolio Manager


Mr. Bains has been a dedicated practitioner of value investing for over 15 years. Prior to founding Lionridge he held the position of Vice-President, U.S. Equities with a major mutual fund company.  Mr. Bains has been a financial industry professional since 1994, initially working in the areas of corporate finance and merchant banking.  He also has previous experience as a corporate lawyer.  He is a graduate of the University of Manitoba law school and earned an MBA from the Richard Ivey School of Business at the University of Western Ontario.

Phil Cyrenne, Professor, University of Winnipeg

Philippe Cyrenne holds a PhD in Economics from Carleton University and is Professor of Economics in the Faculty of Business and Economics, the University of Winnipeg. Phil’s main areas of research are regulatory economics and applied econometrics. He has published his research in a number of policy areas, including health policy, education policy and more recently with Dr. Marian Shanahan of the National Drug and Alcohol Research Centre, the University New South Wales, Australia, research on cannabis policy. He was previously Chair of the Department of Economics, the University of Winnipeg and has served on the board of the Manitoba Chamber of Commerce and currently the Finance Committee of the University of Winnipeg Board of Regents.

Mike Legary, Economic Strategy, Priorities and Planning Secretariat, Government of Manitoba

Michael Legary is a Canadian serial entrepreneur with experience in multiple sectors bringing a strong focus to market strategy, enterprise architecture and technology integration. Currently, Michael is proud to be serving the community as a civil servant focused on creating an innovation culture to enable provincial and municipal growth for future generations and as an ambassador, leading several initiatives in the Startup Community in Manitoba. Michael has focused much of his career on information assurance, founding, leading and exiting several technology, security and defense research companies over the past twenty years. He is the recipient of numerous business awards, including the CBC Manitoba’s Future 40 award, and a E&Y Entrepreneur of the Year Award for his entrepreneurial endeavors. He is a past Chair of the Winnipeg Chamber of Commerce and currently serves on public and private sector boards from an innovation, risk management and entrepreneurial perspective.

Dr. L.S. (Al) Rosen, Director of Forensic Accounting, Accountability Research Corporation.  

Dr. Rosen is the co-founder of forensic accounting firm Rosen & Associates Limited, and independent equity research company, Accountability Research Corporation.  He is also the author or co-author of dozens of books and hundreds of articles on finance, investing, accounting and governance, including his recently published books “Easy Prey Investors” and “Swindlers”.  He has given independent opinions on hundreds of accounting and finance litigation-related engagements, provided expert testimony in many jurisdictions across Canada and the U.S, and has served as a technical advisor to three Auditors’ General of Canada. He is a past professor of accounting at the University of British Columbia, the University of Washington, the University of Alberta, and York University.  Dr. Rosen graduated from the University of British Columbia and received his Ph.D. from the University of Washington. Dr. Rosen is a Fellow of the Chartered Accountants, and a Chartered Professional Accountant, of Ontario, Alberta and British Columbia (FCA; FCPA), a Fellow Chartered Management Accountant (FCMA), a Certified General Accountant (CGA), a Certified Fraud Examiner (CFE), a Chartered Insurance Professional (CIP), a Certified Public Accountant in the U.S. and Hong Kong (FCPA), and a specialist, Investigative and Forensic Accounting (CA.IFA).  

Rashid Islam, Director of Legal & Compliance, Bold Commerce

Rashid Islam is Director of Legal & Compliance at Bold Commerce. Before joining Bold to help with compliance and regulatory needs of their global customer base, Rashid was Vice President of Investor Relations at a green-tech company. He holds Manitoba record for the highest venture capital raise under SBVCTC and CEDTC programs. Prior to moving to Winnipeg, Rashid practised as an international IP & Corporate Structure solicitor of the Senior Courts of England & Wales advising companies listed in FTSE & AIM. Rashid is also passionate about philanthropy and currently serves on the board of Yes Manitoba and is the chair person at Learning Disabilities Association of Manitoba.