News
For Immediate Release                                      
October 10, 2018

 

Canadian securities regulators publish guidance on disclosure expectations for cannabis issuers

Toronto and Vancouver – The Canadian Securities Administrators (CSA) today published Staff Notice 51-357 Staff Review of Reporting Issuers in the Cannabis Industry [link], 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 

Andrew Poon
British Columbia Securities Commission
604-899-6880 

Hilary McMeekin       
Alberta Securities Commission
403-592-8186

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 C. 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
867-975-6591 

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