Former directors and officers of a Toronto-primarily based cannabis business have been accused by Ontario’s securities regulator of defrauding investors.
Canadian Cannabis Corp mentioned Tuesday it received a Statement of Allegations from the Ontario Securities Commission (OCS).
According to a report by BNN Bloomberg, the OCS accused the company’s former chief executive and two vice presidents of defrauding investors.
Amongst Jan. 20, 2014 and Aug. 29, 2016, specific former directors and officers of Canadian Cannabis Corp are alleged by the OCS to have engaged in conduct that perpetrated a fraud relating to securities, the business mentioned in a press release.
The OCS additional alleges the personnel of failing to comply with sections of the Securities Act.
The regulator mentioned the “company has engaged in conduct that is contrary to the pubic interest.”
Canadian Cannabis Corp’s existing directors are studying the allegations.
The business says it intends to cooperate with the OCS.
A hearing was scheduled to take location later this month.