CannTrust names new CEO as it works to restore licences lost from non-compliance
A man holds holds a handful of cannabis buds at the CannTrust Niagara Greenhouse Facility, in Fenwick, Ont., on June 26, 2018. THE CANADIAN PRESS/ Tijana Martin
VAUGHAN, ONT. -- CannTrust Holdings Inc. says it has appointed its chief financial officer, Greg Guyatt, to be its CEO as the company works to come back from the fallout of its operation of unlicensed grow rooms.
The Vaughan, Ont.-based cannabis company fired previous chief executive officer Peter Aceto last July following its internal investigation into the company's non-compliance with Health Canada regulations.
It says it will also submit documents to Health Canada on Friday about its completion of the remediation activities at its Niagara facility as it seeks to have its licence for the facility reinstated.
The company says it expects remediation activities at the company's Vaughan facility will be completed in the second quarter of 2020 and it will then submit documents to Health Canada in support of reinstatement of that facility's licences.
CannTrust says that with licencing measures moving forward, the board will focus on identifying and considering strategic alternatives for the company.
The company notes that it is currently in default of its disclosure obligations, has no meaningful revenues, has laid-off a significant portion of its workforce, has significant liabilities in Canada and the U.S., including potential civil and criminal, and is facing a variety of regulatory investigations.