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Canadian securities regulators publish guidance on disclosure expectations for cannabis issuers

  • Securities - CSA Image

Oct 10, 2018

On October 10, 2018, the Canadian Securities Administrators (CSA) published Staff Notice 51-357 Staff "Review of Reporting Issuers in the Cannabis Industry", which summarizes CSA staff’s review of 70 reporting issuers’ (issuers) continuous disclosure, and highlights common deficiencies and best practices.

“Given the significant growth and interest in the cannabis industry, it is imperative that investors be provided with transparent information about issuers’ financial performance and risks related to their operations,” said Louis Morisset, CSA Chair and President and CEO of the Autorité des marchés financiers. “Our review shows that the quality of disclosure in this area needs to be enhanced, and we encourage cannabis issuers to use this publication as a guide to make improvements.”

The CSA will continue to monitor and assess disclosure practices in the cannabis industry in its continuous disclosure and prospectus review programs.

Review the press release on the CSA's website and the Staff Notice on the CSA members’ website.

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