The Ontario Securities Commission accused Ben Ward, former CEO of publicly traded LP Wayland Group (formerly Maricann), and two other men of fraud at a second cannabis company.
Globe and Mail
- Ward, Peter Strang, and Silvio Serrano are accused of issuing misleading statements while raising capital for company called Canadian Cannabis Corp. Ward was CEO and director of the company, while Strang and Serrano were vice-presidents.
- Among other things, the OSC alleges the three siphoned “more than $3M” off 125 CCC investors, roughly half of them in Ontario. Full allegations are listed here.
Financial Post, Deep Dive - An initial hearing will occur on September 30.
Citing the industry’s “credibility problem,” James West predicted the scandal would tighten already-strained access to capital.
Midas Letter
- Wayland—itself subject of a proposed securities class action for unrelated issues—is not affected by the allegation. That company is currently making a puzzling jump from cannabis to crypto.
NewsWire, Globe and Mail
Quick Hits
- REC retail prices are down 2.3% since January, and declined 0.7% in August.
Twitter—David George-Cosh - The Star profiled Pasha Brands and associated legacy-market companies entering the legal game.
Star
