Tough ruling against former cannabis leaders could send message, say experts
“When this whole CannTrust thing came out, it caused a lot of people to pause and stop cutting corners that they were cutting before because they were concerned for what might happen,” said Matt Maurer, a partner at Torkin Manes LLP and co-chair of its cannabis law group.“If there aren’t significant consequences , I could see some companies … saying, ‘Wow, we just shuffle this here and do that there and we’re so much further ahead, what’s really going to happen? Just look at CannTrust.
The securities commission and Royal Canadian Mounted Police say Litwin, Aceto and Paul did not disclose to investors that about 50 per cent of the growing space at CannTrust’s Pelham, Ont. facility was not licensed by Health Canada. They claim the men used corporate disclosures to assert that they were compliant with regulations.
Though the men moved on to other jobs, Maurer feels there’s still pressure on the OSC to prevail in the case because it would send a “strong message” to the industry.“If are all true and if there are no consequences, what are we doing?” he said. CannTrust, which was renamed Phoena Holdings Inc. in May, was delisted from the Toronto Stock Exchange and filed for creditor protection after the unlicensed growing rooms were found.
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