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The Canadian Securities Exchange welcomes guidance from CSA on US cannabis-related activity

All issuers with US cannabis exposure must explain, among others, that cannabis remains illegal under US federal law

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Cannabis cultivation

The Canadian Securities Exchange (CSE) says it welcomes new guidance from the CSA (Canadian Securities Administrators) on firms with US cannabis related activities.

All issuers with US cannabis exposure must  do a number of things, including explain that cannabis remains illegal under US federal law and that the approach to enforcing such laws may change.

They must also discuss their ability to access both public and private capital, and indicate whether financing options are available or not to support continuing operations.

Those with direct involvement in US cannabis cultivation or distribution must outline the regulations in the US states in which they operate, and confirm how they are complying.

“We are grateful to the CSA for issuing timely and carefully considered guidance regarding current and prospective reporting issuers focused on the U.S. cannabis sector,” said Richard Carleton, the chief executive of  The Canadian Securities Exchange.

"This document provides significant comfort to these issuers that their Canadian listings will remain in good standing as long as they provide the disclosure that is rightly required by regulators.

"We are also committed to ensuring that there is no disruption to the central clearing, depository and settlement services provided for these issuers.

"We are working with the relevant stakeholders on this matter and are very confident that companies will continue to have trades in their securities cleared and settled."

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