CannTrust Holdings Inc., a licensed producer of medical and recreational cannabis in Canada, has appointed Robert Marcovitch to the role of interim CEO.
Marcovitch was CannTrust Holdings’ Special Committee Chair and he will step down as a member of the Special Committee with the appointment.
A seasoned chief executive, Marcovitch was most recently the president and CEO of K2 Sports, an international developer, manufacturer, marketer and distributor of winter sports equipment. He was previously the chief executive officer at The Coleman Outdoor Company from 2011 until 2015, and prior to that, was chief executive officer and President of Ride, Inc. from 1994 to 1999, which prior to its acquisition by K2 was a large publicly-traded company.
The appointment comes as an investigation into the company’s non-compliance with Health Canada regulations and ancillary matters uncovered new information that resulted in a determination by the Board to terminate with cause CannTrust CEO Peter Aceto.
“Our first priority is to complete the remaining items of our investigation and bring the Company’s operations into full regulatory compliance. Implementing the necessary changes is essential to the interests of our medical patients, customers, shareholders and employees,” said Marcovitch. “CannTrust has a number of strengths it can draw upon to reset and rebuild, including industry-leading research, innovation and intellectual property.”
Mark Dawber has assumed the role of Special Committee Chair.
Founded by pharmacists, CannTrust brings more than 40 years of pharmaceutical and healthcare experience to the medical cannabis industry and serves medical patients with its dried, extract and capsule products. The company operates its Niagara Perpetual Harvest Facility in Pelham, Ontario, and prepares and packages its product portfolio at its manufacturing enter of excellence in Vaughan, Ontario. The Company has also purchased 81 acres of land in British Columbia and expects to secure over 240 acres of land in total for low-cost outdoor cultivation which it will use for its extraction-based products.