Nov 15, 2018

CannTrust CEO on management shakeup: ‘We could probably do a better job’

CannTrust CEO says president and head grower weren't asked to leave


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The new chief executive of pot producer CannTrust Holdings Inc. says the company will do a better job in the future of announcing management changes after two key executives left the company this month.

Earlier this week the Vaughan, Ont.-based firm confirmed to BNN Bloomberg that two leading executives – former president Brad Rogers and Michael Ravensdale, who was the head of production – left CannTrust to pursue other opportunities.

“We didn’t believe it was a material change that needed to be disclosed, but when I see the reaction of some people about that, I think I might do something differently about that in the future,” Peter Aceto, who became the CEO of CannTrust in early October, told BNN Bloomberg Thursday.

“I think that in the future we could probably do a better job with that.”

CannTrust did not make an announcement about the departure of Rogers and Ravensdale, who were both instrumental in building the company’s production facilities and recreational brands in the lead-up to legalization last month.

Aceto added that he remains optimistic about CannTrust’s future despite the two executives leaving the company.

“They left a great legacy of really good people and good talent for CannTrust to move forward,” Aceto said.

CannTrust shares jumped  30.19 per cent Thursday after reporting third-quarter results a day earlier, which showed a narrower loss and higher-than-expected sales in the period. The company's TSX-listed shares (TRST.TO) ended Thursday up $2.18 at $9.40.

The company also announced plans to list on the New York Stock Exchange.

Aceto said CannTrust is in the early stages of pursuing the U.S. listing, and is seeking to attract a broader group of investors.

“We’re going to have to go through the vetting process, but we’re going to be moving things along as quickly as we can,” he said.

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