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ARTICLE · 07 NOVEMBER 2017

New Guidance Provided For Issuers With U.S. Marijuana-Related Activities

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Consequently, the TMX Group's listed issuers and listing applicants engaged in U.S.-based cannabis-related activities do so in violation of the TMX Group's policies.

CanadaFinance and Banking
Aaron Sonshine
Aaron Sonshine
Rami Chalabi
Rami Chalabi
Elie Freedman
Elie Freedman
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On October 16, 2017, the Canadian Securities Administrators (CSA), the Toronto Stock Exchange (TSX), and the TSX Venture Exchange (TSXV and together with the TSX, the TMX Group), issued long-sought guidance on disclosure requirements for issuers engaged in activities related to the cultivation, distribution or possession of marijuana in the United States (U.S.-based cannabis-related activities).

The TMX Group Bulletins

The TMX Group's guidance on listing requirements for applicants and issuers engaged in U.S.-based cannabis-related activities (Bulletins), clarifies a long-standing policy that issuers must comply with all applicable laws in the jurisdictions in which they operate. The Bulletins make clear that, at least with respect to the cannabis sector, the TMX Group is of the view that federal law takes priority over state law. Consequently, the TMX Group's listed issuers and listing applicants engaged in U.S.-based cannabis-related activities do so in violation

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