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CSA Issue Guidance for Cannabis Issuers Regarding Corporate Governance Disclosure Expectations

November 12, 2019

On November 12, 2019, staff of the securities regulatory authorities in each of Ontario, British Columbia, Québec, New Brunswick, Saskatchewan, Manitoba and Nova Scotia (“Staff”) published CSA Multilateral Staff Notice 51-359 – Corporate Governance Related Disclosure Expectations for Reporting Issuers in the Cannabis Industry (the “Staff Notice”). The Staff Notice seeks to address what Staff observe as fairly common instances of inadequate disclosure relating to cross-ownership of financial interests by reporting issuers in the cannabis industry and directors and officers thereof, particularly in the context of mergers and acquisitions or other significant corporate transactions. The purpose of the Staff Notice is to provide supplementary guidance related to such governance-related disclosure, in hopes of providing investors with the ability to make better informed determinations about their investments. Background Staff have singled out reporting issuers in the cannabis industry in issuing...

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