TORONTO – A lawyer representing Ontario's securities regulator says three former executives whose cannabis company was caught growing pot in unlicensed rooms were in positions to disclose the improper growing but didn't.<\/p>\n
Dihim Emami, a lawyer for the Ontario Securities Commission, said in a Toronto court today that by not disclosing the unlicensed growing at CannTrust Holdings Inc., Peter Aceto, Eric Paul and Mark Litwin caused "incredible" damage to investors.<\/p>\n
The three men have pleaded not guilty to a series of securities offences linked to the unlicensed growing at a Niagara, Ont. region facility, including fraud and authorizing, permitting or acquiescing in the commission of an offence.<\/p>\n
Litwin and Paul are also facing insider trading charges, and Litwin and Aceto are charged with making a false prospectus and false preliminary prospectus.<\/p>\n
The charges were first laid by the OSC in June 2021, around the same time executives told shareholders the Vaughan, Ont. company was compliant with regulations.<\/p>\n
The three men no longer work for CannTrust, which is now called Phoena Holdings Inc., and maintain they have always complied with the law.<\/p>\n
This report by The Canadian Press was first published Nov. 28, 2022.<\/p>\n
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