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.
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
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%. Today he consults with microcap companies helping them with capital markets strategy and focuses on industries including cannabis, tech, and junior mining.