Order: In the Matter of Canada Cannabis Corporation et al.

IN THE MATTER OF
CANADA CANNABIS CORPORATION, CANADIAN CANNABIS CORPORATION, BENJAMIN WARD, SILVIO SERRANO and PETER STRANG

File No. 2019-34

November 4, 2022

ORDER

(Subsection 127(1) and section 127.1 of the Securities Act, RSO 1990, c S.5)
 

WHEREAS on November 4, 2022, the Capital Markets Tribunal held a hearing by videoconference to consider the request for approval of a settlement agreement between Staff of the Ontario Securities Commission (the Commission), Canada Cannabis Corporation, Canadian Cannabis Corporation and Benjamin Ward (Ward), dated October 28, 2022 (the Settlement Agreement);

WHEREAS this Order is without prejudice to the rights of Canada Cannabis Corporation and Canadian Cannabis Corporation (collectively, CCC) under s. 144.1 of the Securities Act, RSO 1990, c S.5 (the Act) to bring an application to the Tribunal, on notice to the Commission, to vary the Order to effect a transaction that would aid in recovery for CCC’s investors; and

ON READING the Joint Request for a Settlement Hearing, including the Settlement Agreement, the Statement of Allegations dated September 13, 2019, and the written submissions and on hearing the submissions of the representatives for each of Staff of the Commission, Canada Cannabis Corporation, Canadian Cannabis Corporation and Ward;

IT IS ORDERED THAT:

1. the Settlement Agreement is approved;

Canada Cannabis Corporation

2. pursuant to paragraph 2 of s. 127(1) of the Act, trading in any securities or derivatives by Canada Cannabis Corporation shall cease permanently;
3. pursuant to paragraph 2.1 of s. 127(1) of the Act, the acquisition of any securities by Canada Cannabis Corporation is prohibited permanently;
4. pursuant to paragraph 3 of s. 127(1) of the Act, any exemptions contained in Ontario securities law do not apply to Canada Cannabis Corporation permanently;
5. pursuant to paragraph 8.5 of s. 127(1) of the Act, Canada Cannabis Corporation is prohibited from becoming or acting as a registrant (including an investment fund manager) or promoter permanently;

Canadian Cannabis Corporation

6. pursuant to paragraph 2 of s. 127(1) of the Act, trading in any securities or derivatives by Canadian Cannabis Corporation shall cease permanently;
7. pursuant to paragraph 2.1 of s. 127(1) of the Act, the acquisition of any securities by Canadian Cannabis Corporation is prohibited permanently;
8. pursuant to paragraph 3 of s. 127(1) of the Act, any exemptions contained in Ontario securities law do not apply to Canadian Cannabis Corporation permanently;
9. pursuant to paragraph 8.5 of s. 127(1) of the Act, Canadian Cannabis Corporation is prohibited from becoming or acting as a registrant (including an investment fund manager) or promoter permanently;

Ward

10. pursuant to paragraph 3 of s. 127(1) of the Act, any exemptions contained in Ontario securities law do not apply to Ward for six years;
11. pursuant to paragraphs 7, 8.1 and 8.3 of s. 127(1) of the Act, Ward shall resign all positions that he holds as a director or officer of any issuer, registrant, or investment fund manager;
12. pursuant to paragraphs 8, 8.2 and 8.4 of s. 127(1) of the Act, Ward is prohibited from becoming or acting as a director or officer of any issuer, registrant, or investment fund manager for six years;
13. pursuant to paragraph 8.5 of s. 127(1) of the Act, Ward is prohibited from becoming or acting as a registrant, as an investment fund manager or as a promoter for six years;
14. pursuant to paragraphs 1 and 2 of s. 127.1 of the Act, Ward shall pay $10,000 towards the costs that were incurred by or on behalf of the Commission, with $1,000 to be paid by certified cheque or bank draft by the date of the public settlement hearing and $1,000 to be paid by the 15th day of each month thereafter until the amount of $10,000 has been paid.