CannTrust has announced that, following both the recent submission of its detailed remediation plan to Health Canada and the completion of its Special Committee's independent investigation, the company has begun the orderly process of renewing its Board of Directors. As part of this process, John T. Kaden has resigned from his position as Director.
Kaden is the co-Founder, Managing Partner, and Chief Investment Officer of Navy Capital Green Management LLC., a global investment firm specializing in the legal cannabis industry. According to the company, he has resigned in order to focus fully on the demands of this role. Kaden was appointed to CannTrust's Board of Directors in October 2018. In July 2019, Kaden was appointed to the Special Committee of Directors that was created to investigate the causes of the company's non-compliance with Health Canada regulations.
"John made significant contributions to CannTrust during his tenure," stated Robert Marcovitch, CannTrust's Chairman and interim Chief Executive Officer. "We deeply appreciate his dedication, in particular his enormous commitment as a member of the Special Committee over the past three months. With the completion of the Special Committee's investigation and the submission of our detailed remediation plan to Health Canada, we are now focused on developing the foundation for CannTrust's future, including a renewal of our Board of Directors."
CannTrust has initiated a search for both Kaden's replacement and additional new Directors. The company has been engaging with several promising candidates who possess expertise in operations, compliance, governance and regulated industries. The company has also commenced a search for additional executive team members, including a permanent Chief Executive Officer.
"With its remediation plan now underway, I believe CannTrust is well positioned to fulfill its commitments to both bring the company into full regulatory compliance and seek the full reinstatement of its licenses," stated Kaden. "I was honored to work with the Special Committee to help place CannTrust in this position."
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