The OSC’s first court proceeding involving a publicly traded cannabis company is scheduled to begin at the Ontario court of justice in Toronto Monday
first court proceeding involving a publicly traded cannabis company – is scheduled to begin at the Ontario court of justice in Toronto on Monday. If it ends with a strong ruling in favour of the financial regulator, many believe the case could deter other pot companies from skirting the law.
The CannTrust case focuses on Peter Aceto, Eric Paul and Mark Litwin, the company’s former chief executive, chairman and vice-chairman, who face charges of fraud and of authorizing, permitting or acquiescing in the commission of an offence. “The evidence will show Peter Aceto behaved legally and with integrity during his time at CannTrust,” Addario said in an email.
Aceto was terminated with cause by CannTrust’s board in July 2019, around the same time Paul was ordered to step down. Litwin resigned in March 2021. It has since been working to stage a comeback and exited creditor protection in March, after receiving $17 million in financing from a subsidiary of Netherlands -based private equity investment firm Kenzoll B.V.
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