CannTrust Proclaims Senior Management Modifications – Hashish Information | Way of life Ideas | Professional Opinions


[Editor’s note: For the definitive timeline of the CannTrust scandal, click here]

VAUGHAN, ON, July 25, 2019 /CNW/ – CannTrust Holdings Inc. (“CannTrust” or the “Firm”, TSX: TRST, NYSE: CTST) right this moment introduced instant senior administration adjustments and different interim actions primarily based on the continuing investigation being undertaken by a particular committee (the “Particular Committee”) of its board of administrators (the “Board of Administrators”).

The investigation into the Firm’s non-compliance with Well being Canada rules and ancillary issues uncovered new info that has resulted in a willpower by the Board to terminate with trigger CannTrust CEO Peter Aceto.  

As well as, the Board of Administrators demanded the resignation of the Firm’s Chair Eric Paul and he complied.  

Efficient instantly, the Board has appointed Particular Committee Chair Robert Marcovitch to the position of interim CEO and he’ll step down as a member of the Particular Committee. A seasoned chief govt, Mr. Marcovitch was most lately the President and CEO of K2 Sports activities, a global developer, producer, marketer and distributor of winter sports activities tools. He was beforehand the Chief Government Officer at The Coleman Outside Firm from 2011 till 2015, and previous to that, was Chief Government Officer and President of Trip, Inc. from 1994 to 1999, which previous to its acquisition by K2 was a big publicly traded firm.

“Our first precedence is to finish the remaining gadgets of our investigation and convey the Firm’s operations into full regulatory compliance.  Implementing the required adjustments is crucial to the pursuits of our medical sufferers, prospects, shareholders and workers,” stated Mr. Marcovitch. “CannTrust has plenty of strengths it may draw upon to reset and rebuild, together with industry-leading analysis, innovation and mental property.”

Mark Dawber has assumed the position of Particular Committee Chair.

Based mostly on new info uncovered by the investigation, the Firm made a voluntary disclosure to Well being Canada. The Firm will absolutely cooperate with the regulator in an open and clear method to resolve these issues absolutely and expeditiously.

The Firm is getting ready to make extra operational adjustments within the days and weeks forward, which will probably be introduced in the end.

At the moment, the impression of those issues on CannTrust’s monetary outcomes is unknown. Additional updates will probably be supplied as they turn into obtainable.

About CannTrust

CannTrust is a federally regulated licensed producer of medical and leisure cannabis in Canada. Based by pharmacists, CannTrust brings greater than 40 years of pharmaceutical and healthcare expertise to the medical cannabis {industry} and serves medical sufferers with its dried, extract and capsule merchandise. The Firm operates its Niagara Perpetual Harvest Facility in Pelham, Ontario, and prepares and packages its product portfolio at its manufacturing centre of excellence in Vaughan, Ontario. The Firm has additionally bought 81 acres of land in British Columbia and expects to safe over 240 acres of land in complete for low-cost out of doors cultivation which it’ll use for its extraction-based merchandise.

SOURCE CannTrust Holdings Inc.


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