docker-compose fails to start cinder-lvm image on osx running docker for mac

On osx running docker-for-mac(17.12.0-ce), docker-compose fails to start lvm instance with error

ERROR: for blockbox_cinder-volume_1 Cannot start service cinder-volume: Mounts denied:
The path /etc/localtime
is not shared from OS X and is not known to Docker.
You can configure shared paths from Docker -> Preferences... -> File Sharing.
See https://docs.docker.com/docker-for-mac/osxfs/#namespaces for more info.

This has been identified docker issue here https://github.com/docker/for-mac/issues/2396

And workaround is to set TZ in .env file (for docker-compose) and knock off "/etc/localtime:/etc/localtime:ro" line from docker-compose.yml