Global Markets: CannTrust moves to re-establish trust

By MarketsFarm

WINNIPEG, July 26 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.

– Canadian cannabis producer CannTrust ousted its two top officials on Friday after a regulatory scandal erupted regarding unlicensed production. Chief executive officer Peter Aceto was fired, while co-founder Eric Paul resigned after company officials demanded he do so. Robert Marcovitch was named interim CEO and Mark Dawber is now chair of the board of directors.

– Newly minted United Kingdom Prime Minister Boris Johnson made waves on his first day. On Thursday, Johnson turfed most of former PM Theresa May’s senior cabinet ministers, including Foreign Secretary Jeremy Hunt, who placed second in the Conservative leadership race. Among those appointed to Johnson’s cabinet was his younger brother Jo, as Minister of State at the Department of for Business, Energy and Industrial Strategy and Department for Education. The new PM reiterated his promise to lead the U.K. out of the European Union with or without a formal deal.

– A US$2 billion jury verdict against Bayer AG was slashed by a California judge to US$86.7 million on Thursday, ruling it was excessive and unconstitutional. The jury sided with a California couple who said they got cancer from using the glyphosate-based weed killer Roundup. The couple have yet to accept the reduced amount and Bayer said it will nevertheless appeal the verdict, contending Roundup is safe.

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