If a US grocery item is labeled "Product of Canada", is it subject to the regulations of Canada or the US (or both)?

Recently, I bought a box of breakfast cereal from my local grocer. As I was perusing the information on the box, I noticed the usual ingredient list, nutrition facts, and so on. When I got to the end or the side panel I saw that this product is distributed by a company in Minnesota (as are all the “store brand” products in this particular store), and it was indicated that the cereal is a “product of Canada”. It got me to thinking: are food products produced for export regulated more by the producing country, or the importing country?