Auditor withdraws cannabis firm CannTrust’s financial report amid controversy

The unbiased auditor for Canadian marijuana firm CannTrust has taken the unusual step of withdrawing its report on the Ontario firm’s financial statements for the quarter ending March and full-year 2018.

It’s the newest blow amid an ongoing scandal involving unlicensed marijuana cultivation by CannTrust that has forged a darkish cloud throughout Canada’s cannabis business.

CannTrust stated KPMG’s choice was prompted by the Ontario producer’s warning towards a reliance on its financial statements for the 2 durations, in addition to current info CannTrust shared with the auditor that led to senior management modifications.

“KPMG was not aware of the information recently shared by the Company when it issued the KPMG Reports and had relied upon representations made by individuals who are no longer at the company,” CannTrust stated in a information launch.

In July, a whistleblower alerted Canada’s cannabis regulator to unlicensed cultivation on the firm’s greenhouse facility in Pelham, Ontario.

The firm later fired CEO Peter Aceto “with cause” and requested the resignation of its chair, Eric Paul.

CannTrust stated KPMG stays its unbiased auditor.

The firm stays underneath investigation by securities regulators and police.

Categories: Canadian Medical Marijuana & Cannabis Industry News, Cannabis Industry & Marijuana Business Briefs, International Marijuana Business News


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