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ARTICLE · 23 OCTOBER 2017

Toronto Stock Exchange Issues Staff Notice On U.S. Marijuana Companies

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In short, marijuana, the United States and listing on the TSX/TSXV do not mix.

CanadaFinance and Banking
Neil Wiener
Neil Wiener
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On October 16, 2017, the Toronto Stock Exchange (TSX) issued Staff Notice 2017-0009 regarding listed companies engaged in the marijuana business, whether directly or indirectly, in the United States. At the same time, the TSX Venture Exchange (TSXV) issued a Notice to Issuers virtually identical to the TSX Staff Notice. It is well-known that recreational cannabis has been legalized in certain American states (in alphabetical order, Alaska, California, Colorado, Maine, Massachusetts, Nevada, Oregon and Washington) yet remains illegal at the federal level in the United States. The TSX Staff Notice and TSXV Notice to Issuers clarify the position of the two Exchanges in light of this legal conundrum. In short, marijuana, the United States and listing on the TSX/TSXV do not mix.

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