Notice of upcoming website outage Thursday, February 22nd from 5:00pm - 8:00pm. For more information, click here.  

Canadian securities regulators publish revised disclosure expectations for issuers with U.S. marijuana-related activities

2018/08
February 8, 2018

Toronto - The Canadian Securities Administrators (CSA) today published CSA Staff Notice 51-352 (Revised) Issuers with U.S. Marijuana-Related Activities, which sets out CSA staff's disclosure expectations for specific risks facing issuers with marijuana-related activities in the U.S.

"In light of political and regulatory uncertainty surrounding the treatment of U.S. marijuana-related activities, CSA staff have updated our disclosure expectations for issuers in this space," said Louis Morisset, CSA Chair and President and CEO of the Autorité des marchés financiers. "Today's notice also follows CSA staff's consideration of the rescission of the Cole Memorandum and our conclusion that a disclosure-based approach remains appropriate in the current circumstances."

The revised notice includes additional disclosure expectations that apply to all issuers with U.S. marijuana-related activities, including those with direct and indirect involvement in the cultivation and distribution of marijuana, as well as issuers that provide goods and services to third parties involved in the U.S. marijuana industry. Issuers are expected to provide these disclosures in prospectus filings and other required documents, such as their Annual Information Form and Management's Discussion and Analysis.

The CSA will continue to monitor developments in the U.S. marijuana industry.

The revised notice can be found on CSA members' websites and replaces the prior version issued on October 16, 2017.

Additionally, CDS will continue to clear the securities of issuers with U.S. marijuana-related activities.  

The CSA, the council of securities regulators of Canada's provinces and territories, coordinates and harmonizes regulation for the Canadian capital markets. 

- 30 - 

For more information: 

Kristen Rose
Ontario Securities Commission
416-593-2336 

Hilary McMeekin
Alberta Securities Commission
403-592-8186

Alison Walker
British Columbia Securities Commission
604-899-6713

Sylvain Théberge
Autorité des marchés financiers
514-940-2176 

Jason (Jay) Booth
Manitoba Securities Commission
204-945-1660


Erin King
Financial and Consumer Services 
Commission, New Brunswick
506-643-7045

David Harrison
Nova Scotia Securities Commission 
902-424-8586

 
Steve Dowling
Government of Prince Edward Island, 
Superintendent of Securities
902-368-6288
 
John O'Brien
Office of the Superintendent of Securities 
Newfoundland and Labrador
709-729-4909
 
Rhonda Horte
Office of the Yukon Superintendent of 
Securities
867-667-5466

 
Jeff Mason
Nunavut Securities Office
867-975-6591


Tom Hall
Office of the Superintendent of Securities
Northwest Territories
867-767-9305
Shannon McMillan
Financial and Consumer Affairs
Authority of Saskatchewan
306-798-4160


Twitter Follow us on Twitter
LinkedIn Follow us on LinkedIn