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CSA publishes revised disclosure expectations for issuers with U.S. marijuana-related activities

  • Securities - CSA Image

Feb 08, 2018

On February 8, 2018, the Canadian Securities Administrators (CSA) 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.

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.

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

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