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ARTICLE · 24 NOVEMBER 2020

A New Crop Of Securities Class Actions And Amendments To The Class Proceedings Act

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At the time that the Cannabis Act was passed by Parliament in the latter part of 2018, CSA Staff Notice 51-357 was published.

CanadaCannabis & Hemp
Robert Cohen
Robert Cohen
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Following several years in which the number of class actions declined (as we reported in 2018 and 2019), 2019 saw the filing of the second-highest number of securities class actions in Canada since the introduction of the secondary market liability regime, largely in the cannabis space.1 It remains to be seen whether amendments to Ontario's Class Proceedings Act ("CPA") that came into effect this fall, which are largely defendant-friendly, will have a chilling effect on this trend.2

Cannabis Securities Class Actions Growing Like Weeds

Since the enactment of Part XXIII.1 of the Ontario Securities Act in 2006 and the creation of a statutory cause of action for secondary market disclosure misrepresentations, proposed class actions that rely upon these legislative provisions have flourished. According to statistics gathered by NERA Economic Consulting,3 there has been a fairly consistent number of new class action filings in Canada over the last decade in a variety

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