Trulieve Reveals Former CFO Was Reimbursed Up To $400k In Personal Expenses

It appears that Trulieve Cannabis (CSE: TRUL) is having more problems with the chief financial officer role than previously believed. The company revealed within its management discussion and analysis for the second quarter that “irregularities” were identified in relation to former CFO Alex D’Amico’s expense reporting.

It appears that the audit committee identified these irregularities in the expense report, which lead to outside independent legal counsel being brought in to investigate the matter. The investigation is said to have revealed that expense reimbursements related to D’Amico’s use of a corporate credit card included personal expenses. The use of a corporate card for personal expenses, as well as the reimbursement of personal expenses, are said to have been in violation of corporate policy.

The total amount in question that was reimbursed incorrectly is said to be between $350,000 to $400,000, with D’Amico yet to reimburse such expenses. Trulieve is said to be evaluating its options for restitution.

D’Amico, who resigned on June 19, 2023 from the role in which he had served for three years, was said to not have left the company as a result of any disagreements. His departure was followed by the appointment, and subsequent departure ten days later, of Tim Mullany to the role. Ryan Blust is currently serving in the role on an interim basis.

READ: Trulieve Posts Q2 Net Loss Of $407 Million Due To Asset Impairments

No severance was provided to D’Amico upon his resignation. Prior to his resignation, his base salary was set at $400,000 per year, with total compensation in 2022 amounting to $1.59 million, once share-based compensation was factored in.

Trulieve Cannabis last traded at $5.56 on the CSE.

Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

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