CannTrust Holdings Inc. CEO and two former directors are on trial facing quasi\u002Dcriminal charges including include fraud and insider trading.
The trial starting Monday — the fourth anniversary of the legalization of recreational cannabis for adults of legal age — is expected to last nine weeks. It begins with the OSC’s opening arguments. The men are accused, in part, of “efforts to conceal the illegal growing of cannabis at CannTrust over a 10-month period in 2018 and 2019.”
Aceto’s LinkedIn profile suggests he has returned to the financial world after being terminated by CannTrust “with cause” in July of 2019. The profile says he has a relatively new job as executive vice-president of M3 Financial Group, and served for two years before that as president of Mortgage Alliance. The profile does not mention his nearly 10 months as CEO of CannTrust.
At its peak, CannTrust boasted a market capitalization of more than $1 billion, but the cannabis darling entered creditor protection as the probe into the company’s operations grew. The swift downfall was a significant hit for the then-booming sector, which had sprung up after recreational marijuana was legalized in October of 2018.
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Tough ruling against former cannabis execs could send message: expertsTORONTO — Industry observers say cannabis companies’ future regulatory compliance is at stake as a case against three former leaders of CannTrust Holdings Inc.…
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