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VAUGHAN, ON, Oct. 1, 2018 /CNW/ – CannTrust Holdings Inc. (“CannTrust” or the “Company”, TSX: TRST), one of Canada’s leading licensed producers and trusted brands of medical cannabis, today announced the appointment of Peter Aceto as Chief Executive Officer of CannTrust, effective immediately. Eric Paul, CannTrust’s Co-Founder and leader, has stepped down from his role as Chief Executive Officer, and has been named Chairman of the Board and Special Advisor to CannTrust’s management team. Mark Litwin is assuming the role of Vice Chairman.
“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,” said Paul. “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.”
Peter Aceto is globally recognized and a seasoned professional who brings decades of significant experience in leading companies in the public markets. Previously, for 10 years, Peter was President & CEO of Tangerine Bank (formerly, ING Direct); held the positions of Chief Risk Officer, Chief of Staff and Chief Lending Officer at ING DIRECT in the U.S., and was Legal and General Counsel at ING DIRECT in Canada.
“The Board, Brad Rogers (CannTrust President), and I are confident that with Peter’s successful track record of strong leadership, deep operational knowledge and focus on delivering shareholder value, he will be the perfect compliment to our leadership team and the best candidate to lead our Company into the next phase of our rapid growth,” Paul continued.
“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,” said Aceto. “We have a great team in place and I am thrilled to be leading the corporate strategy and vision to drive our business forward.”
CannTrust is a front-runner in the industry and perfectly positioned to continue its exponential growth in Canada and abroad following the legislative changes set to become effective in Canada on October 17th.
“CannTrust is in an enviable position today thanks to the strong leadership, foresight and unwavering dedication of Eric Paul,” said Litwin. “On behalf of the Board of Directors, our stakeholders and our staff, I would like to acknowledge and thank Eric for his many contributions, tireless efforts and for being the key driver of our growth and success to date.”