An Ontario court has acquitted three former cannabis leaders charged with offenses linked to unlicensed growing at a Niagara area greenhouse.

The ex-CannTrust Holdings Inc. executives Peter Aceto, Eric Paul, and Mark Litwin were freed of their charges a day after the Ontario Securities Commission (OSC) revealed it no longer had a reasonable prospect of convicting the men.

The acquittal marks a stunning reversal for the OSC, which had been pursuing its first court case involving a publicly traded cannabis company since it laid charges against the ex-CannTrust executives last year.

Following the acquittal, the OSC said it is "considering the implications of the decision and assessing its options" because CannTrust's disclosure of unlicensed growing in July 2019 caused "significant investor losses."

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