CannTrust Holdings Inc.(TRST.TO) confirmed the departure of two leading executives on Monday, including its head of marijuana production, as the company focuses on a country-wide supply shortage in the early days of pot legalization.
A CannTrust spokesperson confirmed that president Brad Rogers as well as Michael Ravensdale, the head of production, have departed the Vaughan, Ont.-based pot producer to pursue other opportunities. Both executives were instrumental in building the company’s cannabis production facilities as well as its recreational brands ahead of legalization in Canada last month.
“Brad Rogers has decided to leave his position as president of CannTrust to pursue other interests and spend more time with his family,” the company said in an emailed statement to BNN Bloomberg.
The moves come shortly after CannTrust welcomed Peter Aceto as its chief executive officer. Aceto joined the marijuana company on Oct. 3 following a decade-long career as the chief executive of online bank Tangerine.
“CannTrust has deep knowledge and expertise throughout the organization and the team is continuing to work together to deliver on the company’s opportunities for future growth,” the spokesperson said.
Canadian cannabis producers faced country-wide shortages of marijuana nearly immediately after pot was legalized on Oct. 17, and several producers plan to weigh in on how the rollout has fared after reporting third-quarter earnings this week. CannTrust is scheduled to release third-quarter results on Nov. 14 after market close.
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