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TORONTO — Medical cannabis company Maricann Group Inc. says a $70 million financing deal announced last month has fallen through after the companies behind it terminated an underwriting agreement.

The decision by Eight Capital, Canaccord Genuity Corp., GMP Securities L.P., Industrial Alliance Securities Inc. and Clarus Securities Inc. follows the resignation Wednesday of Maricann’s chairman Neil Tabatznik and Raymond Stone, a board director.

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It also comes as the Ontario Securities Commission reviews the timing and reporting of certain trades of shares owned or controlled by and Tabatznik and Eric Silver.

It added that the regulator has also told the company on Feb. 8 that Maricann chief executive Ben Ward is the subject of an investigation into his activities while he was CEO of Canadian Cannabis Corp., a wholly unrelated company.

Maricann said earlier this week that it had been advised orally by the underwriters that they were not prepared to proceed and said Thursday that no reason was given for terminating the agreement.