CannTrust appoints new CEO
Medical marijuana producer CannTrust has appointed the former chief executive of Scotiabank's online bank Tangerine as its new CEO.
The Ontario-based licensed medical cannabis producer says Peter Aceto has been appointed to the top job, effective immediately.
CannTrust says co-founder and CEO Eric Paul has stepped down from his role at the helm and has been named chairman of the board and special adviser.
"It has been a great honour to serve as the CEO of CannTrust since its inception only five years ago. I take great pride in our team's collective accomplishments and the incredible progress we have made in such a short period of time," Paul said in a statement. "With the opening of the recreational market just around the corner, and the numerous opportunities that our Company is positioned to capitalize on, the timing is impeccable to bring Peter on board."
Aceto was president and CEO of online bank Tangerine, formerly ING Direct Canada, from 2008 to 2017. Scotiabank acquired ING Direct Canada in 2012, and later changed its name to Tangerine.
"I am incredibly excited to have been chosen to lead CannTrust at such an important point in the company's evolution. The opportunities that lie ahead are limitless," Aceto said. "We have a great team in place and I am thrilled to be leading the corporate strategy and vision to drive our business forward."
Aceto's appointment as CannTrust CEO comes just weeks before Canada legalizes marijuana for recreational use on Oct. 17.
– With files from The Canadian Press
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