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Former Tangerine CEO to head medical marijuana company CannTrust

The former chief executive of Scotiabank's online bank Tangerine is now CEO of marijuana company CannTrust. ING Bank of Canada CEO Peter Aceto, left, shakes hands with Scotiabank Group Head for Canadian Banking Anatol von Hahn, right, during a press conference in Toronto on Wednesday, August 29, 2012. Aceto was president and CEO of online bank Tangerine, formerly ING Direct Canada, from 2008 to 2017. THE CANADIAN PRESS/Michelle Siu

TORONTO – The former chief executive of Scotiabank’s online bank Tangerine is now CEO of marijuana company CannTrust.

The Ontario-based licensed medical cannabis producer says Peter Aceto has been appointed to the top job, effective immediately.

CannTrust says co-founder and CEO Eric Paul has stepped down from his role at the helm and has been named chairman of the board and special adviser.

Aceto was president and CEO of online bank Tangerine, formerly ING Direct Canada, from 2008 to 2017.

Scotiabank acquired ING Direct Canada in 2012, and later changed its name to Tangerine.

Aceto’s appointment as CannTrust CEO comes just weeks before Canada legalizes marijuana for recreational use on Oct. 17.

Companies in this story: (TSX:BNS, TSX:TRST)