Kaden Resigns From CannTrust Board; Search Underway For New Directors, Permanent CEO

CannTrust Holdings Inc. TRST CTST announced Monday that John Kaden is resigning from its board of directors. 

The company is renewing its board following a Special Committee independent investigation and the submission of a remediation plan to Health Canada. 

Health Canada found the company to be in noncompliance earlier this year and later suspended its cannabis license. 

Kaden is resigning to focus on his role as CEO and managing partner at Navy Capital Green Management, according to CannTrust. 

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“John made significant contributions to CannTrust during his tenure,” Robert Marcovitch, CannTrust’s chairman and interim CEO, said in a statement.

“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 said it is now searching for a replacement for Kaden, additional new directors and a permanent CEO.

The stock was trading down 6.96% at $1.07 at the time of publication.