TORONTO, Jan. 12, 2018 /CNW Telbec/ - 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On January 4, 2018, the U.S. Attorney General rescinded all previous guidance specific to federal law enforcement relating to marijuana, including the prior approach under the Cole Memorandum.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. 


For more information: 

Kristen Rose

Hilary McMeekin

Ontario Securities Commission

Alberta Securities Commission



Alison Walker

Sylvain Théberge

British Columbia Securities Commission

Autorité des marchés financiers



Jason (Jay) Booth

Erin King

Manitoba Securities Commission

Financial and Consumer Services


Commission, New Brunswick


David Harrison

Steve Dowling           

Nova Scotia Securities Commission

Government of Prince Edward Island,   

902 424-8586

Superintendent of Securities  


John O'Brien

Rhonda Horte

Office of the Superintendent of Securities

Office of the Yukon Superintendent of

Newfoundland and Labrador


709 729-4909


Jeff Mason

Tom Hall

Nunavut Securities Office

Office of the Superintendent of Securities


 Northwest Territories


Shannon McMillan

Financial and Consumer Affairs

Authority of Saskatchewan



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Last update: January 12, 2018