Canadian securities regulators issue statement following rescission of the Cole Memorandum

2018/02
January 12, 2018

Toronto - On October 16, 2017, the CSA published Staff Notice 51-352 Issuers with U.S. Marijuana-Related Activities. The notice outlined a disclosure-based approach to highlight risks facing issuers with U.S. marijuana-related activities and reflected the existence of a U.S. federal government forbearance approach (per the Cole Memorandum) to the enforcement of federal laws relating to marijuana. 

The notice indicated that we would re-examine our views in the event that the U.S. federal government's approach were to change.

On January 4, 2018, the U.S. Attorney General rescinded all previous guidance specific to federal law enforcement relating to marijuana, including the prior approach under the Cole Memorandum.

The CSA is considering whether our disclosure-based approach for issuers with U.S. marijuana-related activities remains appropriate in light of the rescission of the Cole Memorandum. Issuers with no U.S. marijuana-related activities and that otherwise operate in compliance with applicable Canadian laws are not the focus.

We will communicate more details about our position shortly. 

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

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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

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