February 14, 2020 / 1:57 AM / 7 days ago

Weed producer CannTrust appoints Greg Guyatt as CEO

(Reuters) - Canadian pot grower CannTrust Holdings Inc (TRST.TO) (CTST.N) on Thursday named Greg Guyatt as chief executive officer, months after it fired Peter Aceto following a Health Canada finding that the marijuana producer grew cannabis in unlicensed rooms.

CannTrust fired Aceto from the top role in July last year and named Robert Marcovitch as the interim CEO, more than two weeks after Canadian health regulator’s findings.

The regulator had canceled CannTrust’s license to produce and sell cannabis in September last year, pushing the company to announce reductions in its workforce to recoup losses.

The company said on Thursday it anticipates remediation activities at the company’s Vaughan facility to reach completion during the second quarter of 2020.

“No assurance can be given that Health Canada will reinstate either the Niagara or Vaughan Facility licenses”, CannTrust said in a statement.

Health Canada’s rating for the Vaughan plant was based on an inspection between July 10 and July 16. The regulator noted that five rooms, converted from operational areas, were used for storage since June 2018 without prior approval by the regulator.

The company also said it was facing a variety of regulatory investigations and has significant contingent liabilities in both Canada and the United States, including for potential civil damages and penalties and fines.

Reporting by Arundhati Sarkar in Bengaluru; editing by Uttaresh.V

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