Canadian securities regulators publish guidance on disclosure expectations for cannabis issuers

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October 10, 2018

Toronto and Vancouver - The Canadian Securities Administrators (CSA) today 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.

The notice can be found on CSA members' websites.

The CSA, the council of the securities regulators of Canada's provinces and territories, co-ordinates 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

Brian Kladko
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

Sara Wilson
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
902-368-4550

Craig Whalen
Office of the Superintendent of Securities,
Newfoundland and Labrador
709-729-5661

Rhonda Horte
Office of the Yukon Superintendent of
Securities       
867-667-5466
Jeff Mason     
Nunavut Securities Office
867-975-6587

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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