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CSA Revises Disclosure Expectations for Issuers with U.S. Cannabis-Related Activities

February 13, 2018

On February 8, 2018, the Canadian Securities Administrators (the “CSA”) released CSA Staff Notice 51-352 (Revised) - Issuers with U.S. Marijuana-Related Activities (the “Notice”), which provides further guidance on CSA staff’s disclosure expectations for issuers with U.S. cannabis-related activities. The revised Notice replaces the initial CSA Staff Notice 51-352 - Issuers with U.S. Marijuana-Related Activities that was published on October 16, 2017.

The Notice reiterates the CSA’s position that a disclosure-based approach for issuers with U.S. cannabis-related activities in U.S. states where such activity has been authorized, remains appropriate in the current political and regulatory climate. In addition, the Notice outlines additional disclosure...

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