CannTrust Fires CEO Peter Aceto, Chairman Eric Paul Resigns

This evening news broke via Jameson Berkow on Twitter Canntrust has terminated CEO Peter Aceto with cause and Chairman Eric Paul has resigned.

Aceto recently fell under scrutiny after reports CannTrust was growing cannabis in unlicensed rooms within their facility. Over the last 24 hours, stories emerged of Aceto partaking in videos where he appears in front of the unlicensed rooms with active cultivation.

One picture showed fake walls in room with live plants.

This was pointed on on Twitter by friend of theDeepDive, @BettingBruiser

In a press release, CannTrust said the Board has appointed Special Committee Chair Robert Marcovitch to the role of interim CEO and he will step down as a member of the Special Committee. Marcovitch was most recently the President and CEO of K2 Sports a winter sports equipment manufactuer.

Robert Marcovitch, Interim CEO, CannTrust

Our first priority is to complete the remaining items of our investigation and bring the Company’s operations into full regulatory compliance.  Implementing the necessary changes is essential to the interests of our medical patients, customers, shareholders and employees.

Robert Marcovitch, Interim CEO, CannTrust

Small Cap Steve

SmallCapSteve started blogging in the Winter of 2009. During that time, he was able to spot many take over candidates and pick a variety of stocks that generated returns in excess of 200%. In the time since, he has taken a heavy focus in the cannabis space with a particular affinity for multi state operators, for which he has become a known thought leader.