cannabis-fraud-gs1107The Ontario Securities Commission has accepted a settlement on lesser charges in the first fraud case enforcement staff pursued in the fledgling Canadian cannabis business. They also “vastly overstated” a figure for sales in the first month of business for Growlite, according to the OSC panel. As part of the settlement agreement, Ward said he did not personally receive any of the money Canada Cannabis advanced to Growlite, and had had no prior relationship, experience or association with Growlite. “While we note that there is no agreement for payment of any administrative monetary penalty … the significant non-monetary sanctions, in the context of the entire settlement agreement, place the agreement within the reasonable range,” the panel said. According to the OSC settlement, Cronos improperly recognized $7.6 million in revenue in interim statements of its first three quarters of 2019 in connection with three wholesale cannabis transactions.

Source: National Post November 07, 2022 15:13 UTC