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Maricann, which was founded in 2013, has production facilities in both Langton, Ont. and Dresden, Germany. On Jan. 24, the company announced a proposed acquisition of all outstanding shares of Haxxon AG, a cultivator of female hemp cannabis flowers based in Regensdorf, Switzerland. The deal, which was targeted to close on March 30, would allow Maricann to produce cannabis flowers in Switzerland that would then be manufactured into products such as cannabis vape cartridges, the company said at the time.

It has also been ramping up production capacity at home, as Canada moves to legalize marijuana for recreational use later this year, currently expanding its cultivation and support facilities in Canada to 87,515 square metres. When complete, Maricann’s facility is expected to produce 95,000 kilograms of dry cannabis flower per year, the company says.

Maricann said Wednesday that OSC staff have advised that they are unable to provide any further information at this time. It added that Stone, Tabatznik, Silver and Ward have advised Maricann that they are fully co-operating with the investigation.

An OSC spokeswoman said Wednesday that the regulator has an active investigation, and is not in a position to comment further.

Maricann’s board of directors has established a special committee that has full authority to review these trades and the OSC investigation involving Ward.

“We have heard from many significant shareholders of the company about their concerns with these matters, and we share them,” said Pathak, speaking on behalf of the committee. “In these circumstances, we appreciate Messrs. Stone and Tabatznik having resigned. The special committee’s review is ongoing, but we are committed to providing the stakeholders of the company with a further update on its review shortly.”

Companies in this story: (CSE:MARI)